There seems to be a lot of misconceptions about what a recession means and especially for real estate investors. 

4 of the last 5 recessions: California real estate values held flat, or went up, during them.People who have their incomes go down b/c of a cyclical recession might be more inclined to rent, less inclined to buy (it's me who should actually be more worried about this...). 

In the last recession, OKC was deemed recession-proof by Forbes and saw only 6% drops in property values when other markets saw 20%.

How high multi-res vacancies in the area got in the last great recession?

What seems more like an inflation/recession hedge would be owning property that pays you to own it. 

It's more recession resistant and you're making a lot more than traditional rentals.

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!

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.

I wouldn't worry *too* much about the recession bringing down the value of the home especially if you get are able to get a deal on a "slightly" worn project that only requires some paint, maybe new carpets or smell removal.

Lower income units are more recession proof for cash-flow.My assessment: The Markets in the most danger are those where rent-value ratios are already out-of-control.