I was thinking - go ahead and sue, when discovery comes into play and they have to testify under oath (for example were they raising money properly and how were they managing money) - many will not want to answer that question while on the stand. 

Yes, in the smaller communities that I live, work, and play in.

I have Mutuals and Indexes- I have always played it safe, however, I've waited way too long to invest in Real Estate.

We now underwrite our deals with higher maintenance and are ok with lower cash flow for the first few years while we play catch-up with deferred maintenance.  

I have an 18 year old friend who plays competitive baseball and is a beast in real estate with his mentor. 

Here is my Cliff Notes on this elaborate example:If you have unused losses from the past, they might significantly soften the tax blow from a profitable sale.I don't see how this is called "strategic play" or "premium lemonade."

Flipping or BRRRR in a secondary Florida market (Tampa, Jacksonville, Orlando) can also be a solid play if you find deep discounts. 

As comparison SF got my southern VT 3BR/2BA STR covered at < $1k/yr for 2k/500k + umbrella (albeit with bundled discounts in play).

This is in an effort to let the investment play out and try to minimize their loss. 

Personally, I would never live in PHX, but that is all personal biases (I prefer seasons and greenery), and clearly lots of people choose to live in PHX.At the end of the day, I would argue market selection almost only comes into play when you are talking assets that cater to institutional buyers that have to get investment committee sign off.