Who knows when the next recession will hit.

That was the recession at work, and now I wish we had kept it, but we were disgusted with the appreciation--if we'd bought smart in Ann Arbor with the same amount of money, we would have had 100K or more in equity. 

It will be the first thing to tank in value during a recession. 

(Read Richest man in Babylon)#2   Market:  During the recession of 2008-2013,  buy-buy-buy with as much leverage as possible.    

New flooring throughout most of the condo, new carpet in bedrooms, recessed lighting and paint throughout.

Rents are increasing during recessions.

They are essentially betting on you as an individual will not only follow through with your word to execute this business plan, but also that there won't be another pandemic shutting down the economy, a soft landing for a coming recession, real wage growth to grow with increasing rents, no additional restrictions on landlords to remove nonpaying tenants, AND that the real estate market will keep humming along as it has been, increasing in value each year.

I thought the same thing in my 20's screw college I'm making good money pre recession owning my own construction company.

Should I do nothing until the recession hits?

Admittedly, if a nationwide recession hit, and property values and/or rent dipped 15 or 20%, this person is subject to loosing 15-20% of $900k in properties, rather than the widow's 20% of $225k.Then, if you use the BRRRRR method, the cash-out refinancing, once you have enough equity (usually through remodeling the property, but sometimes through market appreciation) allows you to ideally grow a portfolio of rentals with 100% financing....and zero of your precious equity left in the property.....I know of a BRRRR investor that turned $80k cash into 30 rental properties worth about $8million ($5million in loans, $3million in his equity) in 5 years....granted, he bought at the bottom of the 2006-08 recession and benefited....but much of it was the buy at a discount and remodel profit.Then decide if the risk/reward is right for you.You can say "look what I did with low leverage" (slower)....or "look what I did with maximum leverage" (faster).