And I find it interesting that past apartment syndicators have stepped back from the market when they can't buy based on a rule like that.If we have another nasty recession like in 2008 I think it's likely that people will not pay an extra $100/month in rent for an upgraded kitchen.

I did not think stated income was even allowed anymore following the blowout recession based on all of the janitors claiming 100k incomes???  

I feel Boston is the most recession proof out of all the areas you mentioned.

I’m sure deals can be found but the median home price on the Phoenix MLS has just this month surpassed the record set in mid 2000’s just before the recession The easy money has been made.

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).

Also, according to many 'experts' out there, we're near the peak of our current economic cycle and a recession is around the corner (12-24 months or so).

The more probable is a recession. 

We have all heard of people buying real estate and due to job loss, or recession they lost the house to foreclosure or severe loss.  

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).

http://www.wbur.org/hereandnow/2018/07/03/manhattan-real-estate-sales-fallAccording to a new report, Manhattan real estate has now had its worst second quarter since the Great Recession.