He took his job right when the financial crisis hit and he was overwhelmed for several weeks.  

Her mom wanted to buy a property and it was only 10K (this was during the housing crisis).

This is an old article but there are plenty others out there about the financial crisis there. http://money.cnn.com/2017/06/29/investing/illinois-budget-crisis-downgrade/index.html

well that's what I meant.. add on lender penalty and non performing asset I suspect 100% wipe out plus having to come up with money to pay the lender.. tough spot.I know some friends of mine that had insurance company loans on Commercial during the crisis that had these terms.. and they walked from the projects.. no PG  but lost all their equity they did a 1031 and put 5 million in cash into this one shopping center that was costing him 40k a month negative because it did not fill up as it was suppose to.. and it was BRAND NEW in DENVER  OUCH..  

. ;-)"Don't Miss The Signs Of Another Slow-Motion Meltdown" by Tyler Durden Fri, 09/21/2018 - 14:56 That slowing down effect is important to bear in mind as we encounter the 20th anniversary of the Russia-LTCM financial crisis of September 1998 and the 10th anniversary of the Lehman-AIG financial crisis of September 2008Of course, investors recall where they were and what they did during the absolute height of the panics — Sept. 28, 1998 and Sept. 15, 2008.Most investors may not be aware that these peak panic moments had actually been playing out for over 15 months in both cases.

What if the next financial crisis is not a "crash"? 

@Terry Lao when I was buying property in Phoenix in 2010 during the credit crisis, I paid $55k for a detached 3/2 home on a short sale and quickly rented it for $1100/mo.

It's likely just a matter of time until some other crisis hits.  

If I decided to sell one of my apartment buildings the prices were actually rising because a high percent of single family investors woke up when they saw that the housing crisis did not affect multi-unit properties and the prices of multi-unit properties was actually rising.Maybe, I could write a 350-page book about the advantages for investing in multi-unit properties.

This was a very real concern during the crisis.Of course, in a crisis like that the real estate you lend on would be next to useless because you couldn't sell it for anywhere near 100% of ARV and a very large number of RE would go belly up so I don't see how this is better collateral than a bank fiat guarantee backed by its credit and than the credit of the FDIC.