There's only so much you can control, and how neighbor investors rent their units isn;t one of them.I'm all for diversification--and I do own 2 SFH in Memphis--but going forward I'll be buying small multis all day long over SFH.

It's like being your own bank, making money off yourself, and diversification all in one.

In general, I am not a fan of turnkey, maybe it is just my prejudice.A second problem I see is no diversification. 

The reason I would like to consider a syndication as it allows for better diversification, less maintenance at the cost of somewhat lower returns (marginally).Having the ability to roll 1031 funds in/out of syndication is far superior to any other strategies unless you like to be hands-on.

I look at Job Growth, Job diversification(I like markets with the highest sector<25%),Population, Population growth, and Median Household Income.

This includes a discussion of their overall risk management program -- Life, Disability, Long Term Care and Liability -- to make sure the plans are adequate and cost effective.b.Considers the overall investment portfolio to make sure investment selection and diversification are managed appropriately.c.Reviews the overall tax sensitivity of these investments.3.Plans the Distribution of Wealth during Life in the Most Advantageous Waya.Considers the IRA and qualified retirement plan distribution plan; not as an accountant, but using a tax expert as appropriate.b.Assesses who serves as their durable power of attorney or successor trustee of a revocable living trust in case of an incapacity - again using the appropriate advice from a CPA and legal counselors.c.Considers ways to distribute wealth to children and descendants for well-being, education and other purposes and doing so in the most tax-efficient method.d.Reviews charitable giving for both tax savings and control issues. 4.

Having said all of this, I have just recently purchased my first SFR in a Southern market for diversification purposes, but will, if all goes well, concentrate on that area for a while and not jump around.  

Vanguard has many good plans including the style of diversification that changes over time as you approach retirement. 

The appeal of diversification is clear, and it is very much a viable strategy as long as you find strong teams to work with, but buying one prop per market is unnecessary.I will also second what @Mark Ainley said regarding the fact that you are investing in your management team.

Adding diversification here never hurts as well.That being said, investing with one good syndicator repeatedly is preferred to investing in one good syndicator plus several okay syndicators.