The concept is that the same strategies that work for stocks and securities through the Dow Jones and NASDAQ’s boom and bust cycles, will work for real estate investments during real estate’s boom and bust cycles.

For this reason, along with "Time in the market is better than timing the market" - Warren Buffet -  by not timing for the market crash and hoping we will sell at the peak, and moving slower to see another market cycle by not leveraging - is why I don't feel leveraging flips is worth it in our current position. 

And even if we do see a recession, remember, recessions are a normal and natural part of an economic cycle.

In my humble opinion, if you’ve waited 49 years, might as well wait another few as we are somewhere near the top of the real estate cycle.

Anyone who can last the "cycles" of real estate and deal with the AG and still make a pretty penny has graduated from the school of hard knocks.

I assume you are not referencing off-market deals which can work no matter the cycle.

I have a HELOC on my house and all rental profits go to pay it off and when I have enough I buy another and the cycle repeats itself. 

Ok, I'll start out by saying my answer is based on the statutes in Alaska, so they may not apply to you... and it's been a while since I've read them, so I may not get things quite right.1st... if you sign a lease based on a 30 day billing cycle, and they pay multiple months up front, the 2nd and 3rd months rent would be considered 'prepaid rent', which you might be supposed to give back to them if things break down.  

If you ever think about disposition of a piece of the portfolio to deploy in another market, market cycle, or asset class, let's connect.

I have no experience with condo conversions but am very interested for future market cycles.