I am adding a dishwasher, microwave, and garbage disposal as well as recessed and pendant lighting and moving every other outlet and light switch around.The price I just got to put in a 200 amp panel and move it from inside the laundry to outside at the other end of the house was $3000, but that depends on what the power company makes them do as far as moving the meter and where they are allowed to put the new panel.The price for the rest of the work, which essentially amounts to rewiring the whole kitchen adding a handful of new circuits and some of the den is another $3000.

We can only make educated guesses based on  historical norms.We are due for a recession at some point but its tough to forecast exactly when so why try?

The most recent 3-4 real estate busts have been accompanied by nasty recessions (1974, 1979/1981, 1990, and 2008).  

Some people think it may be worse than the "great recession" due to the stock market, some think it will be a slight correction of the "bubble" most of the major markets are experiencing, and some think it will continue to climb. 

Running the business is much more management intensive.With the economy coming back and new business starts up more people are traveling again.Yes, but I think despite the hit that hotels take during a recession, a hotel might be preferable to an apartment complex.

All things being equal, the best time to do a 1031 is during a recession. 

Let's geek out a little and look at new development from the point of view of an economist.First of all, real estate is cyclical and typically, there is a period of expansion in inventory (period of new construction) after the recovery of a crash before you enter the "oversupply" phase and back into another recession. 

And then stay out of the market during the last six years of the cycle and maybe buy something recession proof like tax lien certificates out of state. 

During a recession, like that of 2007, what happens to apartment complexes and their rental rates?

Currently has no cooling, and has radiant heating in the ceiling in some rooms (recessed lighting installation ruined it in bedrooms...).