Since COVID, the demand for cash actually increased, so this is a recession resistant play.

I also see your point about avoiding bargain basement properties, especially insofar as tax shielding is easier with an asset of a reasonable size.Your point about barriers to entry is also interesting, since I suppose those barriers can be geography (natural boundaries of mountains/water), but you're probably referring to that which impedes future construction?

Sounds like you stopped water which is most important.

I underestimated utilities in my early years, so I ensure those are properly captured (electricity, gas, water and trash).

What is the speed of the internet, is it hot water (international property holders), is it AC.These basic clear descriptive items are great because if the price is fair and it clearly states the benefits.

All that said, it's water under the bridge.

I am a bit concerned about water long term in AZ and NV. 

My principal/interest, escrow, and insurance is 1570, and my HOA is 306 and it includes water.

If they suspend/lose their license, they're dead in the water.

The issue I see is smart contracts/tokenized real estate and traditional real estate investors is like oil and water.