I can see why some say it's going to happen, because my in-laws house, basically a fancy trailer, just sold for well north of 200k in south Florida and in the height of the bubble before it was only worth 160k.So are we headed towards a housing recession?

Without an a dress for a subject property for the loan, you do not trigger the requirement for the lender to issue you the initial disclosures.  

So we (proudly) rolled into a fancy newer house in AZ. 

Nothing fancy, just smart evaluation followed by action.

A nicer  garage door would dress up the front of the house a lot. 

The secret formula to investing success“Opportunity is missed by most people because it is dressed in overalls and looks like work.”

In this tenant's favor: they own their own house (but rent it out), they have a job, clean car, clean background, they love the location, decently dressed, polite, they got the house in a divorce, and want a place quick because they decided not to live with who they were dating so soon.

The last thing you want is to see another property that meets your fancy, only to not have the cash to go for it because it's all tied up in one property.

Open floor plan and nothing fancy.

Mike Dymski true , I agree there are plenty of high net worth individuals doing BRRRRs but they call it "repositioning a multi family asset and performing a cash out refinance" or something fancy like that.Many of the people doing this are already high net worth individuals so they must feel it's worth it.