I own two rental homes in Westminster. I bought them four and five years ago, hoping to hold for five to ten years and sell at a profit. Well . . . . that hasn't worked out! But I've learned a lot. I agree with other answers, that we expect things have or will soon hit bottom, so holding on to the properties for awhile has to be an option.
The most interesting thing to us has been the drastic change in the rental market. One or two years ago, when one of our homes became vacant, we knew we'd be making the payment for two or three months in order to find a good tenant. But this year, they both became vacant in January. We were a bit panicked, considering the time of year. But it was a madness. I took to announcing on my phone when I'd be there in blocks of two or three hours, and we'd have ten to twenty people stop by.
Some people wanted the application faxed to them without even seeing the house, because it was so hard to find something decent. (We keep our houses in good shape, but nothing fancy!) They were both rented in a week!
One house is a 2 bed, 1 bath with no garage and no basement which rents for $895, and the other is a 4 bed, 2 bath with garage and basement which rents for $1195. Both built in the 50s.
If you want to chat more, feel free to call.