Was it unit count, geography, or complexity that pushed the decision?

Jim, if there's something there that I might be able to address within the geography that I cover, please let me know. 

Jeremy nailed the geography piece.

Will there be variances between geography?

Though I'm based in northern California, I'm staying flexible on geography while I learn and evaluate what makes sense long term.

All adjusted based on geography, specialty, location etc. 

With a 1031 clock running, the bigger question is less about geography and more about whether you want operational intensity (STRs) or durability and financeability.

As the landscape shifts again in 2026, the winners will not be those who move fastest,but those who move with the most clarity.Key themes to carry forward: Focus on investor-backed NPLs with real equity and enforceability Price for timeline uncertainty, especially in judicial states Avoid expansion into unfamiliar assets or geographies Reinforce capital relationships based on trust and consistencyThe market does not reward hope.

This gives much better diversification protection across geographies, asset types, strategies, investment subclasses etc. versus putting all the eggs into one basket.The downside is that it's not for everyone, and a person has to be comfortable with turning over control to someone else.

I think there's a lot to the geography of where you are.