(Most sell when it goes down but fastlaners buy)The real estate only crashed (truly) once in the last 100 years in USA (Canada was immune during the 2007-2009 crisis due to its stronger and more regulatory banking system)  but future tellers from hell keep predicting the next crash.....Follow market and economic fundamentals and carry on. 

When housing values went down, Ca was not immune.

Now is probably good time to get those HELOCs in place while you can, so you will be ready to go when things get cheap again.Mark the first thing to get frozen in a down turn IS the HELOC's  banks can call those and freeze them at anytime.. the only thing that would be immune from that is putting term mortgage's on your stuff and then putting the cash in the bank.. or investing it for at least as much as your interest is.. ( which there are funds you can do that , those funds allow U to call your money in 30 day increments.) 

Its a well known fact that the seminar fulfillment business is based in Utah  not all but most of them.keep in mind many of these companies full fill not only for real estate but for motivational speakers like Tony Robbins etc.one of the reasons they are relentless is the work force think of the missionaries going door to door they are very good at what they do and they are immune to negative responses on the phone etc..Nudge is another that has a massive class action suit against it.. 

I had helped another investor friend of mine, so I am familiar with the process here in Philadelphia, so I could have done it myself.However,  my immune system is compromised as I had stage 3B Melanoma, diagnosed in 2017, so I just passed the 5 year mark in remission, but the treatments unfortunately put me at high risk of getting covid and having it be more dangerous for me than someone who has a better working immune system.

Property Managers are somewhat immune from these swings.

You are just changing your scenario and comparing apples to oranges now, where earlier you made a statement as if leveraged properties are somehow immune from the same vacancy risks, and as if there is no expense there when they are sitting vacant.

The farther inland is usually better but Wilma showed us that even central Florida is not immune from some hurricanes.Your investment in Florida should include a full house natural or bottled gas generator.

Texas insurance rates went up significantly this year and Galveston was not immune.

BTW, don't believe that any one provider has some sort of magic touch where they are immune for evictions.