The reasons I came up with were diversification (I didn't want all my net worth in stocks & regardless what the market returns I still have a tangible asset), tax advantages (I had matched my 401k and maxed out my ROTH IRA), cash flow, leverage (I can get money really cheap) and control (my team and I can increase the value by better operations). 

@Jonathan Oh I understand what you mean in terms of diversification.

Maybe you invest in both markets you spend time in for diversification with fairly significant down-payments so you can cash flow positive even during market cycles?

This is more of a "Diversification" idea for me, that if goes well would take the lessons learned into other opportunities.I plan on not utilizing a property manager for finding tenants or maintenance and utillizing Cozy + Home Warrenty + Own connections. 

I think geographical diversification with just one or two properties in each location adds more risk than the benefit of diversification because of the overhead of establishing relationships and knowledge.I'm a lender and heavy value add investor, focused on the midwest and south east.

Pros-Convenience of having all my properties together- easy to manage-Proven ability to rent quickly-$800 of Cash Flow-Area known for appreciationCons-Fear of missing out on something better-Diversification in areasAny help would be appreciated!

Diversification is key, especially when it comes to income (active, portfolio and passive).  

Use the mantra of "diversification" and hint or say outright that you plan to reinvest the profits in other areas and you both hope you can call upon him for his expertise.

Diversification is usually a good idea no matter what.

Whereas if you only had 30% of it in there, your diversification would cushion you from the blow.