But then pull out a HELOC while valuations are still high in case another recession is upon us and buying opportunities abound.  

My only concern on rentals over 2k/month is when the next recession hits.

I think if I had a take away from that time it would be to not try to time the next recession or buying window.

For someone that's not as conservative, or a different view on the next recession, they might have a different opinion than me on all of this2) Sponsor quality check: (takes about 45 minutes per deal)I believe that a great sponsor can take an average looking deal and make it great, and that in mediocre sponsor can take a fantastic looking deal and make it bad (especially if there is a severe recession).

I purchased this property in late 2005 and weathered the recession living in it.

So, I also see it as a buying opportunity if it does happen to last longer or turn into a recession where other property owners get crunched for cash and need to sell.

This enables you to be able to say, a recession is coming and the impact is XYZ and you can take next steps accordingly.Thx in advance for your insights!

This enables you to forecast recessions or runs in the marketplace.Thx in advance!

Even professional investors usually fail at timing the market.One thing that a lot of people forget, is that real estate often continues to appreciate in a recession.

(I personally hate loans but am planning to cash out refi some of my holdings if the market continues to nose dive and we have a chance of seeing crazy recession level deals again!)