The next wave of growth is coming, it's a solid market for many reasons - geographic location, climate, diverse employment base (ever expanding), higher education, no state sales tax, hospitality, cultural, entertainment, ...

Sponsors and investors that recognize that social and cultural conditions could also negatively affect their assumed 30% IRR would have a better chance of survival if and when the apartment bear market arrives.

Probably due to the belief too many CA residents with new wealth from Chinese buying up all of CA and coming here and overpaying for everything, it's infuriating to live in a place where everyone is after everything, high demand is terrible to live around much less to invest in. 

I love the culture in the West and have narrowed down where I am going to live to either Denver or Los Angeles for a variety of reasons.

Most of her JV partners are foreign investors (Chinese uncles with a min $10M to play with her).   

CA  NM AZ FL there are millions of these parcelswhat happens is someone buys them.. then realizes there is zero market for them  lets them go to tax sales  A land Geek student buys them for couple hundred bucks and trys to sell them to the next buy for 1000 to 2k usually on terms and some really hammer the Chinese buyers on these especially high desert CA.. 

My wife thinks I am crazy with how much time I am spending on research but she is very supportive of getting into REI.My end goal is to have a comfortable retirement where I can travel with my family whenever I want so that I can experience all the various cultures (stateside and international).

These places have culture and pride.

Now I spend my days traveling the world on a motorcycle exploring new cultures and countries via my passive income generated from my apartments located in Oklahoma City.

We have a unique culture like all communities.