Advice from 2008 Investors

[David McKelfresh]

I'm looking for further insight into why some investors struggled through 2008 that may be less obvious.  I'm hoping myself and other investors can use those moments to get through future recessions.

I understand that 2008 was a unique crisis because it was a "housing induced" recession.  But I'd love to get some insight from investors who were using the buy & hold model that ran into issues even if they were following these guidelines:

- Had minimum 25% Equity in properties

- Minimum $150 Cashflow on each property

- Minimum 6 months of reserves

These are the main areas that I've seen investors bring up for why they have struggled to get through tough times.  

I know it's not this simple....cities can have mass unemployment, net negative migration, etc.  There are tons of factors that can affect rentals & rental demand.  I'm curious if there are any other factors that investors may have noticed like smaller markets, specific rental classes, etc. 

Any additional insight from 2008 would be awesome....thanks!

--David