It’s in Dallas Fort Worth area with around 6% cap.Some value add opportunity to raise the rent and potentially exit in 2 to 3 years.Current calculations project and IRR anywhere between 15 to 25%.Should I purchased now or wait until later next year, can expect potentially recession hitting or market correction; where I anticipate having a better deal to buy.

In past recessions for example, self storage and mobile home parks did much better than for example hotels.

During the Great Recession of 2008, SF was one of the last places to go down in value, it went down less than most areas, plus it was one of the first to go up in value strongly starting in 2012.

If it's a recession like 2008, then yes.

If you sheetrock & insulate the ceiling and add appropriate recessed lighting, it adds a sense of completion that is currently lacking.

Cash is the king, especially during recession. 

Once during the early 90's recession, and the drop was a few thousand dollars on the median, and the housing collapse from a decade ago. 

Once during the early 90s recession by a few grand, then the housing collapse from a decade ago. 

All in all, my question is should I invest now or wait for whatever recession.

I would also recommend taking a look at how well the homes held up in value during the recession.