Interesting discussion. I was looking at picking up a second rental property and thought best wait 12-18 months, let the prices drop, pick one up and rent it to the poor sods who can't get a mortage!
Greedyboy - I'm intrigued by your notion of selling now and buying back in a few months. Something I will certainly go away and think seriously about now. Would be nice to have a break from the landlord thing for a while particularly with another baby on the way!