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).

Penalties for paying off the mortgage on an owner occupied property early were banned after the Great Recession. 

Also put in some nice recessed interior lighting as well as exterior lighting, both a security and cosmetic improvement.New fence (there was nothing previously)Screen Shot 2017-12-15 at 6.50.20 AMMy new secure, patio sliding door - an earlier security weak pointScreen Shot 2017-12-15 at 6.50.05 AMThe plus side (if there was such a thing) to Harvey is that I was able to get the other two bedrooms rented out as coworkers had become homeless (their apartments had flooded).

Right now we're fine--rents cover the expenses on our CA property (barely), but the prospect of a potential recession and a short term rent dip have me a little concerned.

Buying with low in-place rents, you could still raise rent during the recession.

So Im looking forward to the next recession when revenue will increase. 

Overwhelmingly, it seems BP users are going to continue to try expand their portfolios, even in a recession. 2.

They did a very detailed analysis on the housing market a couple years ago focused on evaluating the market since the great recession.

Will you be planning for a recession?

I just wouldnt get started with some luxury million-dollar airbnb and instead I would buy something more recession-proof (single family, multifamily,  househack, etc)3.