The Crash Is Coming: Since 1900, significant downturns roughly every 15-20 years. The question isn't whether but whether you're positioned to survive it. The Bankruptcy Cascade: Market drops → values below loans → rents soften → cash flow negative → reserves drain → forced sales at losses. The Crash-Proof Portfolio: Low leverage (70-80% LTV), strong cash reserves (6+ months per property), positive cash flow even if rent drops 10%. Profiting During Panic: During downturns, prices drop 30-50% below replacement cost. Properties that never cash flow at peak suddenly generate 12%+ cap rates. Recession Indicators: Inverted yield curve, rising delinquency rates, construction exceeding absorption, rapidly compressing cap rates.