The Greater Phx area also has more places to expand, but be cautious of "island" developments that are separated from bigger cities. 

I don't want to name the REIT we dislike, but if you want to talk more about this offline shoot me a DM.As far as investor profile, it really comes down to someone's individual circumstances and what they're trying to achieve. 

There are financing options based on your specific circumstances. 

Here is the BEST way to develop an understanding of the risks and rewards of redeveloping your propertyBEST - Hire a CRE - Counselor of Real Estate to do a complete market analysis.  

•Incoming Market Changes & Local News: Keep an eye on city regulations, new developments, and economic shifts that could impact STR demand.

As there is a general flight to affordability, the new developments don't fill as quickly, and rely on concessions and/or lower asking rents to fill up.  

And are there any other skills I should focus on and develop?

Darrius  Local PM here - happy to help, we have multiple developments that are gearing up to sell in the next 6 months, few small multis and townhouses.

It pays to know when to just hire an independent financial advisor and do what you do best.In my 45 years as an active investor across real estate, businesses, commodities, and almost everything else I’ve developed a few “rules” that I believe should never be violated 1.

The ones with a lot of votes seemed like good responses.This is another installment of holy war threads on BiggerPockets so I won't attempt to convince anyone that their perspective and unique circumstances are incorrect.