I'd go to a market where the economics are the most favorable and focus on a strategy that is easy for you. we focus on new construction and land development in columbus ohio 

., Canada, and Mexico due to economic pressures on lower- and middle-income consumers.

Local Economic Indicators: Monitor local employment rates, population growth, and housing inventory to time your deals correctly.

Leasing agent, maintenance guy, property manager, city hall-economic development, building permits. 

For leverage of 50% or less any worries are psychological with little chance of consequences moving beyond the specific property leveraged. 50 - 65% could go either way depending on economic climate, specific property attributes, management, etc. 

Depreciation is typically allocated according to the ownership percentages outlined in the partnership or syndication agreement, which are set in advance and follow certain rules under the tax code.However, some syndication structures can be designed with different classes of partners or special allocations, but these arrangements are subject to complex tax rules, such as the "substantial economic effect" rule under Section 704(b) of the Internal Revenue Code.

Economic Factors: Are job growth, population influx, or other economic indicators a big part of your decision-making process?

The spread/deal economics - You want to make sure the project makes sense financially.

When the tide was coming in, it floated all the boats, but some of them are now struggling in this economic cycle. 

I don't know Waco economics at all, but I'll bet there are 1000 units of some kind available for rent a town of 140-150,000 seems like a lot to me.