Hope this perspective helps.  

Successful people buy quality property in good locations, have a long-term perspective, adequate reserves, realistic expectations, and a great team to manage the property.

Interesting perspective, Dan!

Speaking from the Arizona perspective, we are experiencing continued growth, attracting lots of new residents (Californians choose Texas and Arizona as their top 2 places to move).Here's an economic forecast:https://www.azcentral.com/story/money/business/economy/2019/12/11/arizona-state-university-annual-economic-forecast-predicts-slower-growth/4398074002/Not sure where you are getting your "low rent" thoughts, maybe compared to CA.

Thanks - will likely have to be an exception but definitely possible since the story "makes sense" from a lender's risk perspective

@Tyler KeslingSounds like you have the right perspective.  

Obviously this depends on whether Local, Esq. is willing to do it (and whether there is a state-specific bar requirement just for this type of work), but I want an outside perspective first.Thanks,Looking in Baltimore

Let me address your questions and provide insight from a lender's perspective:1.

What data has shaped your perspective? 

@Richard Benjamin Wilhite, @Bill B.makes some good points about loan terms and the strict identification rules for a 1031 exchange.I would add from a tax mitigation perspective that buying the largest property possible will give you the greatest amount of cost segregation possibility and at the lowest cost since it would be one study rather than several.