How is the local economy?

It's a boom and bust economy and I witnessed the highs and lows because my worked at GM. 

Agents can also be helpful by their network (reliable lenders, inspectors, contractors, property managers, etc).Nobody has a crystal ball but we do know Fed will raise rates as they believe our "strong economy" can support it and curb inflation.

They feel that they are all politicians and won't allow the economy to slide.I'm not so sure.

There are still a lot of buyers in many markets and they are all legitimate buyers with real jobs, unlike the last downturn.However, the fed has dumped about 500 billion dollars into the US economy in the last two years. 

I think a lot of creative financing is most likely going to become more popular with the economy in a downturn.

I've always based my investment decisions only on the deal itself, not on the economy.

With the uncertainty in the economy right now I want to do this with cash (let me know if I have that wrong), and would like to do this for around 45k and under.

If they are shakey about the economy (may lose their jobs) and that's the reason for a short term lease--ask yourself--can you do any better at this time, and how long will it take to get an acceptable renter.Just my 2 cents.

With interest rates rising and those of us with HELOCs with variable rates, what's the strategy that would help a Buy/Hold investor to weather these economy for the coming years?