If you don't have a unit open to cycle each tenant through while you renovate them, you don't have an option because things will keep breaking when occupied and you will be getting less and less rent and no profit for years.

I've heard that oversizing the AC can lead to humidity issues due to short cooling cycles.

And home prices run in cycles as I learned back in the early 1990's and greatly benefited from others mistakes !

Agree with @Caleb Bryant - 35810, as well as 35805, are the two zip codes that have probably had the most potential deals throughout this crazy real estate cycle.  

Everyone goes through a personal investor cycle, some people go through several.

Mine was overall, fine for the markets and market cycle I was in at the time, but other people can share some real stories that might help you understand that Section 8 does not reduce the risk of owning a property in anyway.  

AND its some what difficult to buy a list of preforeclosures and get any  campaign to them since they are on a 4 week cycle till the auction. 

Real estate has a vast array of different strategies, instead of timing the market, consider your goals, what is available to you, and what makes sense both in the current market cycle, but also long-term.

The absolutely best case scenario is a week from now you finally see your home and miraculously have no damage and you call off the adjuster.

Local MFA returns are incredible at the moment and I'd like to get in on at least one cycle of them, if possible.At the minimum, then, I'm looking for Phoenix MFA deals... but even more specifically, I'd really prefer that the sponsors be based in Phoenix or -- even better yet -- be from Phoenix!