Especially if you have long term low interest rate amortizing debt.I wonder if many of these larger apartment complexes will have issues with refinancing these low margin deals in a rising interest rate environment or a market that will soon be headed into a recession.

I think this recession served a balancing act for both tenants and landlords.

Even during the recession home prices only fell 10-15%.

Because of the steady market, prices never really dropped in the recession, deals are harder to find, and margins can be thin. 

It would seem to me that health care is more recession proof than other types of businesses, doctors would be [relatively] easy tenants to have, and the price point of these condos are not price-prohibitive. 

Tourism is first thing to get axed in a recession. 

Whereas with McGregror, if SpaceX moves out, it could easily be the entire SpaceX company - 100% - and then you're stuck with rental investments in a small Texas town with 0% growth (though I should caveat I don't know that much about McGregor).I think any major price drops in the Fort Hood area (the soonest BRAC would hit, if it even happened, would be 2021, and would surely be minor as was the last one) would be the result of national trends like spiking mortgage rates, a recession depressing would-be-homebuyer earnings, potential tax reform disruptions or issues with the Fannie Mae/Freddie Mac conservatorship.

I am beyond curious to see who makes it out of the next recession and how many "investors" are no longer on BP.

One of the tenants is basically a general contractor and has been making a ton of improvements to the house while living there such as installing recessed lights, a brand new water heater, making repairs to the garage, etc.

My desired strategy is to access a substantial amount of capital that I will use to buy depreciated homes a few years into a recession.