Also RE does not suddenly crash, it takes months and years for the trend to change; its slow like an oil tanker, the 2008 crash was very visible in the market data 2 years prior.I don't follow the stock market close enough to comment, but we are not going to see a RE crash any time soon, at least not in the midwest, if anything we may see things slow down at some point, which would be good - what I believe we will see (I am already seeing it in my biz) is a new wave of economic and climate related migration within the US, based on the fact that remote working is allowing people to move from fires, droughts and exuberant real estate prices to the states that are much more attractive - I am getting several calls a week now from people moving to Milwaukee, usually from the states out west, but also from down south.

Sell the house, get the equity and downsize/rent until he can get back on his feet.I wish I could wave my wand and make the troubles go away, but those are some options to at least get some ideas flowing.

They waved the closing costs, charged me only the escrow for the 1st 2 months.

I tend to think that unless you are in need of the cash in a major way, why not use the tax-free funds to dive into something larger and ride the wave?

My advice is to know your local market well enough so that a great deal will pop up and wave a flag.

Driving for Dollars is still valid, sending targeted letters can still yield results - many landlords ARE getting scared and may be wanting to sell their "dog" properties before the second wave hits.

I know Joshua Tree is booming, but I'm wondering if I've missed that wave? 

In the bottom of a recovery cycle anyone can be made to see like a Rockstar investor as they ride the wave up and generate equity even if they make tons of mistakes.When cycle gets more top end and margins get tighter that can be where an experienced investor shows their knowledge and ability to shine performing through all market cycles.So in summary if a new investor is (hanging their hat) on one property in a top cycle to start that may not be the best strategy.If someone makes 60k a year and took 5 years to save up money for down payment then taking on big debt in top cycle might be a bad investment.If someone makes 300k a year but lives like they make 80k and saves the rest if a smaller property goes from cash flowing 200 a month to losing 200 a month then generally not the end of the world.

@Dennis Maynard, right and when the next wave of eviction will arrive it will be worse.I'll contact you soon !