So my strategy is recession-proof, no failure, no way to lose.

The recession then hit, and all it brought was $205,000. 

Two big risks are recession (What happens if you have a bunch two year leases and no one's renting short term anymore) and regulatory risk (County/town messes up regulation -check San Francisco)https://www.biggerpockets.com/...

Then a recession hits and all the late-comers that stretched to buy start losing their jobs, leading to a wave of foreclosures and forcing prices down.  

Due to the recent recession, I short-sales two properties two years ago.I kept one rental property which has a few hundred k in equity.I have an opportunity to buy a home which I currently rent with some very friendly terms.Problem is liquidity.

I lived in southeast Michigan through the great recession and it was brutal seeing what happening to a lot of people.  

It was Great Recession back then.

Unless we get a recession soon, I expect something like this will pass at some point in the near future.

Everybody here remembers how it was the foreclosure capital of the nation back during the recession, and the city has made numerous negative headlines since then because of bad leadership.

In many areas, much of the value has returned to pre-recession levels...Some areas though, are a still a bit below those peak levels.