I also look for diversity.  

I feel it's best to have some diversity, but you have to look at the cost:benefit and determine what will work best for you.

Now you can invest a smaller amount across a range of projects thanks to the advent of real estate crowdfunding.Now you can go online, research both developers and crowdfunding platforms, and invest in exactly the kind of real estate you want to buy, but instead of putting all your eggs in one basket,  you can invest a smaller amount in projects in diverse geographical locations, with different demographics, and operated by different professional development companies. 

@Rik Patel welcome to the site.Lots of Cleveland investors on here, you'll have tons of replies and shared experiences in no time.Cleveland is very diverse.

I understand there are many avenues of using diverse financing (401K, savings, credit card, family support, credit union and private lenders).  

We've got tons of military here and a diverse economy. 

Click on the area where this property is and it will pull up the data for that Census Tract showing median income, racial diversity, % below poverty line, avg rents, etc.  

If your game plan is backed by economies that are diverse, connected to and ALSO disconnected from the general economy, you keep a close eye on leading economic indicators as well as coincident indicators, those telling the story thru all of the noise, you should be able to avoid such drastic results. 

Here are some things to consider:1) Climate: Miami has a tropical climate 365 days of the year.2) Cultural Diversity: Miami is a melting pot of different cultures.

@Nico Murillo I have to agree with a lot of previous posts here with regard to the size of Texas, it has such diverse options for specific market type investing.