Generally I would say that we're very much at the highest point pending correction...prices have begun to level off, the correction that will take place will be nothing near a recession.

@Cameron Riley I live in Toronto, Canada and during the Great Recession I purchased a number of condos and SFH in Phoenix, AZI still have them today

If you are renting for top dollar will those rents hold up in a recession? 

I'm not concerned about a "correction" or mild "recession", I'm actually looking forward to it.

Memphis has been a really solid area (some say even recession-proof), but you're in striking distance of a Alabama and other great opportunities...and short-term rentals in Nashville are doing well for some people I know. 

And the dreaded correction/recession/whatever, when it does finally get here, will convert this hot sellers market into a buyers market.

It's a very powerful tool to recession proof your portfolio but still allow for growth. 

If you qualified for conventional, you might buy with the same 3.5% down, have PMI disappear when 20% equity is reached (or order new appraisal in 3 years if it appreciated enough)Well, and overall, if there is recession soon, you're in trouble.

Like @Dennis M. mentioned, recessed lighting and light colored paint.

I was landlording throughout the great recession in Indy, and never really had much in the way of vacancy.