At that point the economy and stock market recover and life goes on. :)

Courts in class actions frequently award fees proportionate to the damages recovered."

I have some friends that own a vacation home there and to my knowledge, the market is still very seasonal and hasn't recovered at nearly the rate the Richmond market has.

Once the health "problem" is resolved, the economy will recover to where it was. 

Have a sizable equity to cash in on.When the next recession hits, you'll be forced to sit on worthless properties until markets recover.

So we have purchased at highs (1992 and 2003: both depreciated nearly 20% after purchase before recovering and appreciating far past purchase price) and lows (1998 (by far our best purchase: over $100K/year in rent), 2012 (distant 2nd best purchase), 2013, 2014) but because we hold long term every purchase has been profitable. 

A Landlord can't recover upon the security deposit for those items discovered in inspections, especially if those "damaged" items are of normal wear and tear standard (well-settled in most states.)

He claims that he's a recovering addict and the pipe was "old".

Due to unemployment bonuses going away in July, and people who can’t recover from their delinquencies, that may lead to a spike in foreclosures.

Short term might not recover as fast (Which also depend on location, Suburban might be doing better than Urban setting where reservation is heavily depending on local events/conferences.)