During the great depression, more Millionaires were made than in any other time thus far in history.

If I am wrong and this does not precipitate a depression then we are still screwed as they are using inflation to fight the debt. 

My question is, what are you thoughts on buying in a slightly depressed market?  

We have a current tenant who will go into a depression and stop paying rent and then will come out of it and scramble to get caught up.  

The great depression then the housing collapse from a decade ago. 

Or, if you are after cash-flow only (say with the 50% rule), do you have the stomach for economically depressed areas in NE?

This may have a lot to do with it being a depression and all :)

Credit has its uses and the model of buying depressed real estate with super cheap money in a strong rental environment is a good (fantastic) one, its just that after fighting so much with those bastards when the market tanked and I had loans out the wazoo I'll personally never give up that much control of my business again.You can wholesale with no money and no credit, you can rehab with other peoples money, but if you are building a rental portfolio you're way better with bank funds (or partnering with someone who can get bank funds).

I like to invest in areas which were depressed, but have a new spark and attract young professionals.Thanks again everyone 

Second, this is not a depressed area.