Tenants should be 100% responsible for consumables like air filters, water filters, light bulbs, etc.

Consumer Price Index (CPI) for Shelter: According to the U.S.

Success will come with diligent planning, research, good people, healthy fear, and learning from mistakes.

I've been able to get a healthy combination of both cashflow and appreciation from all my properties after a little TLC. 

Everything I've seen is townhouses that were built to be sold directly to consumers and when the units couldn't sell individually, the developers cut their losses and sold to out of town 1031 buyers looking for an easy button.

The combo of rising unemployment, reduced inflation and stalling consumer confidence is lowering yields on the longer end of the curve. 

Same as above, cleaners restock from our warehouse for consumables. 

One luxury HOA community offering healthy oceanfront listings for sale and exceptional amenities while allowing 30+ day rentals is Salishan Coastal Lodge Resort in Lincoln City.

HELOCs have more consumer protections, but they can still be dropped through no fault of your own.  

An example of not recession resilient would be a karate studio or hair salon, things consumers cut back on when times are tough (and now you, the property owner, aren't getting rent, and thus might have challenges making your mortgage payment).