Jeremy nailed the geography piece.

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. 

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.

It’s central geography, reliable utilities, water access, and scalable land.

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

If your CPA is blanket-denying eligibility based on geography, that’s usually a sign they’re conservative or not STR-savvy.

I still my day to day businesses here, and would rather any real estate investments diversify the geography a bit.

And then, as an American, you get diversification in terms of geography and currency.

Having invested in a different but similar geography, agree with your list of things to look for for good fundamentals for less sexy but solid returns.