> "No, because even if rents dip 20% I can make the mortgage payments and repairs and wait for the market to recover." 20% is the guaranteed max price he would

> "No, because even if rents dip 20% I can make the mortgage payments and repairs and wait for the market to recover." 20% is the guaranteed max price he would pay on capital gains tax assuming he's held the property for more than a year, and then he'd have the money in the clear. His "even if..." scenario is not the worst case scenario for not selling.