Since I'm in this for the long haul no reason to rush out of the property. 

So, in the winter of 2006, I packed up a U-Haul in Queens, NY and made the trip to Augusta, GA to begin my ‘passive’ investment career in earnest.

The more likely scenario is that you'll see property values drop back down to where they were before the market went crazy, which means a drop of closer to 50%.Second, if you bought for the long haul, you won't care about a crash.

look at all my research...then I talk to the neighbor who says the house burned down last month, and they complete demoed it and even hauled off brick and concrete...I'm sure someone probably bought it thinking the house was still there....and probably paid 5x the value of the lot for it thinking they're getting a good deal on the house. 

While having a good time is great, you'll need to save every bit for the long haul as a full time RE investor.

Liability coverage is relatively inexpensive, so max out this coverage on your auto / home / toys and then follow it up with a properly sized umbrella policy.

They are prohibitive in many ways and I feel that it negatively impacts revitalizing many areas.Your investment is not good from a cash flow perspective, but the positive is that your tenants are paying your mortgage and you should reap positive appreciation over the long haul. 

I'm toying around with several ways of financing the property right now but most of that is besides the point.

Amanda-You will laugh when you see this defense toy BUT try it!

I was toying with the idea of learning the craft myself a few years ago, but one can't do everything.....