I personally prefer 30 year fixed rates, because the 2008 recession was partly caused by those variable rate mortgages, and that you'll have a lower monthly mortgage with a 30 year mortgage.

I also put about $35k into renovating it (recess lighting, hardwood floors, re-painting, and other upgrades).  

My property values likely went down during the recession but the rents did not...actually went up a little.  

I think the problem with the real estate industry is that this concept of 'flipping' and 'wholesaling' had only become pervasive since the pre-meltdown stage of the great recession.

During the recession, Reno might as well have been a crater in Nevada.

We are in a balance sheet recession. 

Yes, it is crazy expensive now but there are deals on fixer uppers and the prices around here have been "crazy" since 1996 when i bought my first house - they are "crazier" now but go up an average of 10% a year for the last 20 years with minimal dips in the recessions.  

Are recessed lighting hard to install?

If I were to do it again I would change them out of recessed LED lighting, which is actualy realy cheap since it just involves 4 holes an 4 pack of inserts.After the rehab, which of course took way too long:(, the apartment looks really good.

Some say sell or cash-out refinance enough properties to have enough cash reserve to support minimum 5 years of recession and assuming 30% rent drop; in addition, keep the short term loans LTV below 65%, so the 65% LTV can survive a longer recession (such as 10 years recession) by able to refinance the same loan at 75% LTV to another 5 years (assuming a 32% house price drop in the first 5 years).