Yes oil and gas make a huge part of our GDP, in fact, the last data I've seen suggests it might be even higher than 25% (29%) and this is a major point of concern for me, this causes our market to be much more cyclical, however, look at the diversification that has been happening in the chart below and this continues to trend in the same direction, we still have good years of oil (and especially natural gas) demand ahead, I would be much more concern if we were not diversifying but we are, especially over the last few past years. 

In order to minimize risk and maximize returns, diversification is essential.

@Shaun Robinson - I believe people have addressed most of these already but population growth, quality of schools, crime rates, diversification of job opportunity are all great criteria to determine a market.

Some metrics to help filter out potential markets can be; population growth, income growth, rent growth, job growth and job diversification.

My couple reasons for not liquidating are:1) My non real estate assets have had great success over the last several years (as I'm sure many people have had in the bull market)2) I like the diversification of investments3) I feel as though by taking out a line of credit against my investments I am basically using "free" money.

While large multifamily ownership offers benefits like scale, diversification, increased cash flow, and appreciation potential, it comes with challenges such as management complexity, potential vacancies, and tenant-related issues.

There is no way I could compete with them even if I was a full time real estate investor and I certainly couldn't replicate the diversification I get by being a passive investor in multiple asset classes and markets.I am certain, and this Forum confirms it, that many people can be successful as active real estate investors - but being active isn't required to earn quality returns and achieve financial freedom as a real estate investor.My advice - figure out your strengths and capitalize on them!

Crowdfunding offers real estate investment without direct property management, aiding portfolio diversification.

SFR: better appreciation, less turnover (in raw numbers and average length of stay), better tenants, no tenant on tenant conflicts, better rate financing, longer term financing, more buyers if you want to sell, or need to sell, you can sell 20,40,60,80% or 100% of your investment not all or none, you have almost infinite cash out options, better and more insurance options, you can leave your investment to multiple heirs that will actually want a house instead of splitting an apartment building, when you sell you’re probably selling to an owner occupant who loves the house/location not an investor looking only for the best deal they can find, more diversification, not responsible for landscaping/utilities/maintenance of “public areas”, surrounded by other houses not other apartment buildings or businesses, one problem tenant doesn’t affect the others, you could 1031 a portion of your investment, you could move in to one and get a tax break when you sell, I’m sure there’s 10-20 more good reasons. 

Consider factors like job stability, economic diversification, and potential impacts of external factors on the local economy.Local Regulations: Be aware of local regulations, taxes, and any specific rules that might impact your real estate investment.