At first he said his credit was bad because he had his identity stolen then when I later asked him about his credit he said it was bad because he owned 285 pieces of real estate before the recession hit.

The great thing about predictions of inflation or recession is they all come true eventually.I am predicting both   .   .   . eventually

Of course, on the other side of that coin, I'd guess that such markets are highly sensitive to the economy, since people don't go on vacation as much during a recession.

Australia and Brazil who depend on exporting their Commodities have been hit with the worst recessions in their history.

That's not to say that a market correction/recession/ depression/crash...ect will not happen; however, Real Estate will not cause, but RE could be affected by it.

I do know; however, that I don’t want to pay 50% of BPO on a note in foreclosure in a judicial state"Then you're not going to buy non-performing notes until the next recession.

When your offered a full recession that will make you  profit and your respond with Hey I wont do it on the basis that I won't do anything with this company.. that pretty much tells the story..

Make sure the metro area is growing, and people over the past 20 years, including the recession, wanted to live there.

New recessed lights and electrical work too. .Due to smells in the garage not going away, the drywall on the 3 walls was removed and the garage was then insulated with cellulose insulation , drywalled again and painted.

Will need to reach out to them.Stabilized Triple net plays like this one tend to produce conservative returns but also have relatively low risk. 8% is pretty good when the world is in the midst of a deep recession and your tenant is only likely to become more and more popular.