This recession hasn’t decided what it wants to be when it grows up.  

Flooring, recessed lights, new kitchen cabinets, modern baths add more value to the property. 

I've read the BRRRR book, Investing with no and low money down, Never Split the difference, and Recession Proof Real Estate Investing.

For someone that's not as conservative, or a different view on the cycle, they might have a different opinion than me on all of this.2) Sponsor quality check: (takes about 45 minutes per deal)I believe that a great sponsor can take an average looking deal and make it great, and that in mediocre sponsor can take a fantastic looking deal and make it bad (especially if there is a severe recession).

But recessions are a necessary part of a healthy free market economy. 

Many investors from California place their money here due to the low cost of entry, diversified economy, seemingly recession-proof values, and having many options with their strategy.You could do traditional rentals, you could do Airb&b, you could target neighborhoods near military bases, the options really don't end.

However, during the Great Recession my net worth was maybe 1/12th of what it is today (I already owned a rental and the home I was living in and my equity in both went from a significant amount to hardly any equity but I suspect neither property was upside down but close and of course stocks were way down (everything was way down)).  

It’s not different this time except that we are bouncing off the deepest recession in modern times on the back of low interest rates and heavydoses of QE.

Wow, right before a recession, quitting your job, and getting involved in something you have not done yet at all and the vast majority fail at.

If they have been modernized with granite and recessed lighting and upgraded tile showers they can be pushed as much as $180 a SQ foot.