This picture can teach us that flush-able wipes are not actually flush-able.

Leverage cuts both ways and can wipe you out if you are over-levered before a market correction, or it will take years and years to regain value after being under water if you decide to hang on to it.

I have several second liens that were wiped out when the first foreclosed. 

As a personal home, maybe, but not as an investment.The cashflow is so low that one thing could wipe you out for the year (you don't have CapEx figured into your expenses BTW).

I see a lot of younger people on here who are doing great now but are relying on riding the boom and will be wiped out in the next downturn. 

NOTHING else, including baby wipes, medications, kitchen towel, tampons, and, especially, cleaners such as draino, Clorox, etc. should be put in the toilet. 

The 3-5% FMV discount is normally super attractive but I'm worried that because of the incredibly high property values right now, we may be in for a correction in the next few years, wiping that discount out (at least in the short run).

I work full time (mid six-figures) and my husband works but makes significantly less and will be at home with the baby for a while.  

You'll be wiped out by the first mortgage holder should they foreclose. 

Over the year, they got married, and had baby.