Key is "recession-proof" industries - hospitals, colleges, federal government facilities, etc.

I have definitely learned a lot while managing and selling properties during the recession.

Cut some spending (preferable after the recession ends) and reform entitlements.

I guess 6 months ago was a bad time to keep waiting for the next recession. 

Here is a list of the renovation tasksReplaced every piece of trim in home (yes, every single piece)Build a rear covered porchReplace gutters and soffitReplace water heaterReplace all windowsRefinish hardwood floorsReplace all doors in home with prehung solid core doorsAll new hardwareAll new kitchen and bathAdd a master bath with soaking tub (with inspections)Add a master closetRewire master (with inspections)Replace master carpetInstall hardwired fire alarmsInstall recessed can lighting throughout.The list goes on and on.I used a total of 2 contractors.

Plus, demand is diminishing quickly as we head into recession ...so, that could be a perfect storm to put a lot of STRs out of business. ...Also, air bnb recently changed their platform to focus on top-tier, highly unique properties (think: luxury beach front tree house)--as a result, a lot of the more "typical" units are getting pushed down in priority on the platform, and are having problems with vacancy.  ...so, these are issues you'll definitely want to read up on carefully (if you haven't already); there have already been a number of podcast episodes / blog posts / articles on this topic for you to check out...at the end of the day, you'll want your financial models to include some really serious "worst case scenarios" (e.g.; extended vacancy) to stress test your model before you do the deal...If you do the deal, you'll definitely want a thorough contract that outlines all the responsibilities, authorities, obligations, etc. of both parties, and which outlines processes for as many eventualities as possible (for instance, her/your rights to remodel parts of the property, her/your decision making authorities if one party decides they want to use the property differently than originally planned, or if one of you decides you want out of the property, her/your responsibilities for repair costs, processes for dealing with unexpectedly high vacancy, etc., etc., etc.)   ...I'd suggest listing out as many of these issues as possible, coming to an agreement on them, then drafting a contract and sending your contract to a contract attorney for review before you sign...If you do this deal, definitely keep us updated on how it goes--it sounds like an interesting one!

I wish I'd started investing earlier (as we all do) to have truly tested the strategy during the 2008 recession.

Some have experience with owning rental properties, or flipping houses, or new construction & custom building, or remodeling, or have weathered rocky markets and recessions, have held positions on their neighborhood HOA, or have dealt with the division of real estate and assets following a divorce or death or financial hardship, or possibly an employment related relocation.

Some Las Vegas metro area facts: In 2016, Nevada surpassed pre-recession employment with 70,000 fewer construction jobs.

Back in the day I did M&A/venture capital law, but got laid off during the 2009 recession, and got out of law as fast as I could.