I'm not sure if Phoenix is one of them, but I've heard it's doing fantastic in the post Great Recession.I would urge Sarah to do her research to make sure that Phoenix can withstand a Market downturn, which I believe it can, but I have not done the research myself.

For Sale: Surfside Beach home, Top quality construction, built strong to withstand tough weather, up to code,12"X12" pilings, fully furnished, high profile architecture roof shingles, wrap around covered porch for your 360 degree cool shade enjoyment, reduce direct sun lights, keeps new paint looks last longer and reduce chance of window leaks.

However, I don't think it would withstand a broad based challenge, unless those same states want to call any assignment of a contract a securities transaction, which is going to garner challenges from heavy-weights in a number of industries.  

Bi Fold Closet Door Broken – $70 Removed from track and missing hardwareGarage Shop Light Fixtures (3) Broken – $92Main Bath Exhaust Fan - $45Broken drawer front on wet bar - $35Broken drawer track and broken drawer front kitchen north wall - $55 This had been apparently pulled by the drawer face which separated the drawer at the corner as well as the face.Broken blinds in living room both east windows – $22Broken and missing blinds F/R sliding door window - $38Front Yard Landscape - $130 Trim overgrown evergreens and bushes, remove extensive goatheads which are not part of the rock front yard.Back Patio Clean Up - $25 Missing roof shingle replacement - $40 Replacement shingles were available in the garage.Back Yard Dog Clean Up – $120 Remove dog feces throughout the back yard including excessive amounts under the trees to the south of the property.

Tammy Parsons did a pretty exhaustive explanation of what the program is a few comments up. 

When you've exhausted your available depreciation - 1031 to a larger property to gain additional depreciation (tax planning)5.

I have not done an exhaustive comparison, but I have been using Cozy for a couple of years now, and works just fine for me. 

There are probably 100 threads on this on BP where it is discussed exhaustively.  

Most brick facades won't withstand much movement before bricks start falling off as you are usually looking at a one brick width. 

Trying to look for deals and build relationship in multiple areas at the same time might not be the best strategy as it can be exhausting and you loose focus and keep bouncing one market to another.