On top of that, he's been through something like 6 or 7 recessions where he might have seen the value of a lower minimum monthly payment over the lower rate: households have monthly budgets (not 15 year budgets...), the ones calling him for a fire sale listing back in '89 (S&L crisis) or '01 (dot com bubble) were the ones with the higher monthly payments, not the ones with the higher interest rate.

When you look at the last 5 economic recessions, only 2008 had a significant negative impact on housing.

I haven't been through a recession or a big downturn since I've become a landlord, so I don't know what to expect there (any insights would be appreciated).I work a regular job that pays well and could have all 4 of these paid off in the next 6 years if things go average. 

Buying in hot markets In emerging up coming areas mainly for appreciation because everybody on here scared  you about investing in lower income properties ... then a Major recession hits hard and your 300k house is now worth 90k and all your tenants  Lost their good jobs .now your on the hook to pay everything on a bunch of expensive houses !

N of Austin, can represent a heavy cash flow and no appreciation area, whereas, Central Austin, may represent a quicker appreciation, say something as strong as 6% per year over the past decade (including '08/'09 recession to recent population boom) but has no cash flow.

First in the late 90s and early 2000, that was soon followed by a recession.

The recessed lights I will replace with LED retrofits which cost 15 or less each so the ugly trim will be swapped out.

We took this approach during the Great Recession. 

Folks have been afraid of a recession the entire time.

Most of the people on this site have not held rentals during an economic recession...nor during a recession that was not accompanied by a housing crisis that helped keep the rental market afloat in many areas.