I would be cautious about flipping in this climate.

I am concerned for the country but as an individual investor I maybe a little more cautious than usual but if I see a place that I am confident will pay my mortgage for 30 years, will rent in good times and bad with a little margin I think you can buy it and sleep well at night.  

The real estate market there as a whole is pretty hot, so it's possible the demand will increase, but considering the amount of existing units, I would be cautious.

If I were in a market where residential real estate were increasing at an average rate that exceeds the overall growth of that area I would be very cautious about investing.  

Good luck with your investing, be kind, but be cautious.

We have to be cautious of turning private folks into institutional folks.

I dare say that if California cities all go bust, it will make Detroit's bankruptcy feel like a 'pin prick' in comparison to the effects it will have on the nation as a whole.I am cautiously optimistic about Duggan which is the best I will ever say about any politician.

Should i be cautious?

I was cautiously optimistic that the deal was actually going to go through. 

I would be cautious and think a few years ahead ... will this city's growth/jobs continue to rise (i.e., SF, Oakland, SJ) or could there possibly be a bubble that brings value way down.