This cushions potential value drops.Syndicator vetting: Only partner with syndicators who have a strong track record in different market conditions.Market and asset class knowledge: Understand market cycles and the specific real estate types (multifamily, industrial, etc.) you're investing in.Avoid chasing trends: Just because a market or asset is “hot” doesn’t mean it’s solid.You’re right that this approach doesn’t cap your upside, quality diversification can still generate huge returns while managing risk.Best regards,Drago

I am going to continue to analyze the market until I am absolutely ready to buy with ample reserves and more specific analysis on comparable properties.

There is a lot to go into it and recommend BP and youtube to learn more about the industry. 

For a yearly lease agreement specific to Phoenix, AZ, you might consider starting with the Arizona Association of REALTORS® (AAR) or another local real estate organization.

I am bullish on the FHA 203k and home-style renovation loans that allow you to leverage the cost of your renovation as part of your mortgage, which is just an insane deal, in my opinion.Do you have a specific area where you want to purchase?

Rent control laws are market specific.

Curious how this will play out in the courts (granted it's LTR) and affect pricing products used for STR such as PriceLabs (which I use but have to seriously manually adjust for very specific reasons).

Is there any specific area where you could use some support or advice?

It’s also worth diving into local regulations and HOA rules—they can shift quickly in coastal markets like this.

Where specifically in Indiana has anything been built?