Just as in the recession of 2008/09, the tech bust in late 90's, the oil crisis of the 80's, investors made money in all of those cycles.

Why don't we compare current prices to the S&L crisis (we'd be in a bigger bubble territory!)

crisis averted for now.

Many appraisers got in trouble with appraisals too high before the housing crisis.

My interpretation of Asheville's decision was due to a housing crisis, the vacation rentals were taking away potential housing from locals. 

Luckily we work well in a crisis and had a section of my sewer pipes redone within a few hours.

Contracted a PM from afar and leased to likely the first applicant that could scribble their name on an application(neighborhood was saturated with rentals due to "crisis").All well and good for a few months then weird amounts of short rent start popping up - ie $724.39 where $1200 was rent.

Only investors, borrowers, and the public as a whole got penalized by the whole mess with the mortgage crisis.

Long story short capital and the economic crisis of 2008 played a role in it's short lifespan.( owner of the building was overjoyed since he could double his rent with my departure)Since then I have been in a similar sweat equity situation for a gentleman and his group of investors to the sum of 10ish properties for the purpose of flipping. 

Texas is a dual action foreclosure state.. they can and do go after deficiency judgments .. and the only way out would be a personal BKYou want to be in talks with them and negotiate out if your going to just try to short sell the property.. now during the financial crisis the fed's stayed the deficiency judgment rules on mortgages .. maybe they will do that for flood victims.. although it might only be owner occ's that get that treatment as investors are in a different class .I would also caution you on getting a lawyer that could just be throwing good money after bad..