The recession ruined it for almost everyone.....

With the current trends, I am starting to get back in the boat that we will bounce back reasonably quickly, not to where we were in February, but not as deep as bottom of last recession.

Class A housing also tends to be the hardest hit by a recession, and the market is quite hot at the moment.

Our first tenants were both below 625,  young women who had lost good jobs due to the recession.  

I agree, it makes the most sense.My biggest concern, I suppose, is that there is a lag effect from unemployment and this becomes a longer lasting recession. $10k for the week is something that at least I personally would just cancel until I got my job back.

The appreciation boom happened hard there already and now prices in Dallas are higher than they were before the recession in 2009.

For someone that's not as conservative, or a different view on the next recession, they might have a different opinion than me on all of this2) Sponsor quality check: (takes about 45 minutes per deal)I believe that a great sponsor can take an average looking deal and make it great, and that in mediocre sponsor can take a fantastic looking deal and make it bad (especially if there is a severe recession).

It's important you focus on c+, b- neighborhoods as those will likely be recession proof and you won't have to worry about vacancy.

I’ve seen the days of major refis, the 13 month recession in 2002-2003, more refis, financial crisis (which was just downright obvious all the crap happening), to the upswing and greediness again, now seeing more refis come up....more jacked up prices and a lot of “reduced” daily reports on MLS.  

Things like granite in a house where the competition doesn't have it, fancy trim, extra recessed lights, tile shower surround when others have fiberglass etc.