I make a few basic assumptions: 1) Real Estate Markets tend to be local 2) Real Estate WILL go down eventually and come back up  3) Basic Demographics play a huge rollI look at how many people are in the pool of possible buyers (age group, income, family formation, investors, hedge funds etc) and the trends as to where people are moving.

Unless, you left out a lot of information in your post on purpose, I would say back up a few steps.

The most advice I have seen is, be conservative and have a backup plan.

Yesterday morning I got a letter that said that I was suspended, but that I still needed to host the current reservations and if I got my average back up above 4 stars they would reconsider.

Many people I talk to feel the cycle is peaking in CA and do not want to hold  another 8 to 10 years again and watch equity go down and wait to cycle back up again.If you want to stay in CA maybe you refi up to 75% ltv of new value with low interest rate and put money to work in CA in areas you like better or could not afford before.

This Pro only forum... allows me to weed out those who know how to talk but can back up with action.  

I use my backup furnace almost all winter.

I'd really like to know how I can persist through the turbulence of this and begin climbing back up in altitude.

I find some applicants rather go with me rather than paying the application fee somewhere else and gets turned down, and without charging, I could have a number of applicants as backup, and when the first one bombs, I go to number 2 right away.

Try to get some back up on expenses and most importantly the actual income.