We bought at a good time in Phoenix at the end of the recession in 2012.

Do you have a guess on when they next recession will hit and why?

I hear the news, newspapers and some TV “experts” say a recession is at the horizon.  

(hoping for another recession?)

http://www.msn.com/en-us/news/us/monthly-us-rents-keep-climbing-especially-in-san-francisco/ar-AA8uCiC

There are other areas in Detroit that were reasonably solid and since the recession have made a nice come-back and you can find good rent properties there.  

Longevity, and recession stability.And as a small play there's still decent safe returns in owning a rental vacation or otherwise. 

I’d use the mortgage to pay off all other and consolidate into a 30yr fixed (you can always pay down faster, typically schedule is pretty close in terms of cost to a 15yr, just you have the option not to if plans change- like recessions)Other renovation ideas, depending on income & credit- 1 yr interest free credit card for the renovations. $40k may be a bit much for this, however recently did about half that & worked perfectly for us- they paid us at the end of the year in rewards.

That was doable before the last recession but I think it will be tough today.

What is everyone's gameplan for the looming recession?