However, we could not find any information on how it rented during the recession. 

I my research an interesting thing I saw was December the month after Obama was elected the first time rates jumped a full 1% even though we where in a recession.

Once we have a deep recession it might change.  

And weathered the last recession amazingly well.  

And those that sold previously during the recession (8 more if you go all the way back to 2010) were picked up at such amazing prices they probably cash flow like crazy thanks to AirBnB and so the sellers have no intention of selling them anytime soon.Lake Tahoe, just like Auburn and other more rural area, is full of SFR and properties on large acreage, and simply doesn't have the population density to demand 2-4 multifamily housing.

If you think the economy is going to crash or correct itself and you won't be able to cover high vacancy (I believe the vacancy rate during the recession was 15% in some places), then don't do this.

Did the recession even come to texas?

As to market downturns, I carried 85 units through the recent recession.

You may not be able just to send the money back, commercial loans may not have rights of recession and you could incur fees since they held up their end of the allocation, providing funds.

Does it feel "cheap" when you have a big room, standard height ceilings (with recessed lighting)?