In this higher rate climate it's basically a wash between investment vs. secondary.

However, after encountering the skewed tenant/landlord laws and a political climate that often vilifies landlords, I found the conditions unfavorable.

In high-cost areas like California or New York, the rent-to-value ratios often make buying a primary residence less attractive compared to investing out-of-state where the economic and political climate may be more favorable for landlords.

To combat this problem, a great management company who will have your back and navigate the ebb and flow of the ever changing climate of these rental sites is essential.

But conservative underwriting in today's economic climate should not be penciling IRR's that high. 

As far as climate goes, we have a wide variety, but not a lot of water. 

Today we're seeing younger people and families leave colder areas for warmer climates.

Speaking anecdotally only here:when I spent some time in ABQ, I walked away loving the climate and desert mountain scenery, and feeling the a good majority of the city was sketchy. 

I say that in the face of folks who ridicule me that climate will force changes to living standards, job development will be global and not as local or national, the natural course of the currency being devalued, and housing developments will be cyclical per usual.

What terms would make sense given the short period and current climate?