The key is to prepare in case it happens and have a good day anyway.....**

If it goes vacant all of 2009, though, be prepared for an audit, because if you can't rent it for 18 months, then you're not trying and it looks like tax evasion.#1 piece of advice is to drop your rent rates immediately.

.- Buying apartments means you'll need fewer loans, but unless you are really prepared, you probably don't want to make that leap without cash or experience.

It may sound a little like over preparing and maybe the bank even thought it was kind of "cute" but I learned A LOT writing my plan down and making it make sense.

We are prepared to keep the property as a long term investment, or simply hold for a few years and cash out.

I also really like your idea about reading books on past crises to prepare.I'm going to create a topic entitled "What Are You Reading to Prepare for the Worst' and hope you will contribute some titles.Thanks - Mark

Plus, it's really helpful when you're working a shortsale as the buyer and have the BPO prepared for the agent when he comes to the property!

That is why my title referenced me being a newbie preparing to be schooled.

If they say no right off, keep asking for creative or out of the box solutions to get to your objective.

The tax preparer will thank you too!