However, I certainly hope gold serves as a nice hedge against inflation for you since you're building up a supply of it! 

I think the middle rents market with clean apartments but yet still affordable will be in most demand during all cycles.When cycle is robust and top incomes rising everyone builds class A.

Prices overall are very inflated here which makes cash flow tough to find.

Still quite affordable, lots of College Students that keeps demand up. property Values rising. 

I think Bill just likes to see if he can get a rise out of some of us.

Like Manesh Hardeo indicated, you really have to do your own due diligence because most of the time you will get inflated ARVs and underestimated Repair Costs.

I closely watched the last 4 real estate "crashes" and never got a rental until 2008/9.My POV is that the 'walk down memory lane' while feeling good does not reflect current scenario.The price rise is not fueled by cheap money though it has helped alot, but by cash in the market.The last crash, as most recall was about the undewriting guidelines being thrown away in a misguided attempt at fairness.

I'm curious about ways to offset oil price rises.

Do we face deflation or inflation?

I think the market will be on the rise by 2012, but home prices will not be any higher than they are now.