Downstairs: new hardwood flooring installed throughout, new paint throughout, old shower replaced with a Kohler Choregraph wall kit, new light fixtures, cleaned up existing bathroom, installed recessed lights in kitchen, new dishwasher, range, OTR micro in kitchen.Upstairs: Cosmetically I inherited a pretty nice upstairs.

If the country goes into a recession, these properties will suffer. 

Rehab the interior with new paint, new flooring and added some recess light What was the outcome?

They are reporting builders intend to incorporate into their projects a for rent component to either sell to institutional investors (see my comment below) or manage themselves.I'll also add anecdotally, I'm of the opinion that many of the hedge funds who built portfolios of SFRs  during the not so great recession and still have them on their balance sheet today will seek ways to continue to participate in this asset class by creating ownership vehicles that they can either retain, participate, or manage instead of exiting.

Everybody that had money or managed money was still hiding under their desks after the recession, and it was widely believed that real estate was toxic. 

This AB 1506 could put us into a recession. 

Subprime is just the old subprime market, just polished on the edges compared with the pre-recession crazy era.

During the last recession in 2008-09, values in Memphis dropped around 30 percent, which is an issue.  

Each of those markets is reacting and will react differently to a recession or downturn.I would also argue that @Brandon Turner is diversifying across asset-types and locations.

He does a really nice job of benchmarking the economic impacts of this pandemic compared to past recessions/depressions. https://youtu.be/N-SG-n-C5IEDoes anyone think buying Multifamily in 2020 will be a good strategy for financial growth?