I held positions as a Community Manager & Apartment Manager, with a diverse range of properties.

Taxes are high, but the local economy is diverse and people love the city. 

This in turn does not bode well for the cultural diversity of the near future.A lot of people think fracking is going to change everything here, the production of petroleum from shale.

Over the last several months Sedona residents, who feel their town has been overtaken by STRs, have been outspoken in their opposition...and have gotten the attention of the governor:https://www.azcentral.com/story/news/politics/arizona/2019/08/22/arizona-lawmakers-revisit-short-term-rental-law-governor-ducey-airbnb/2089887001/https://www.azcentral.com/story/news/local/arizona/2019/07/25/sedona-residents-challenge-rep-bob-thorpe-over-vacation-rentals/1811064001/While any legislative crackdowns seem to be directed toward corporate "party houses," individual STR owners in Sedona, especially, could get caught in the crossfire.Cities in Metro Phoenix like Scottsdale, on the other hand, are more diverse and dispersed in terms of STR locations, so we have not seen the high-volume backlash by residents that Sedona has experienced.When you are deciding where to invest, check local news sites for stories on vacation rental legislation and policies.

Combine this with a totalitarian mono-culture that suffers from a lack of ideological diversity on college campuses and you can end up with terrible policies that don't really benefit society.The facts have to be stated over, and over, and over to fight these ideologues.  

Luckily RE owners are diverse which means that we like /can afford differing classes and costs which means there is more ability for folks to invest.

You start looking at secondary and tertiary markets and returns can go up but also risks w/less diverse industry and other growth drivers that may be lacking.  

You need results now, so focus on what you can change and find ways to use your diversity to your advantage.

I'm interested in Chicago because I've partnered up with my dad who can manage the properties, and two because I feel that Chicago is a pretty diverse market which may have room for investors still in early stages.  

Hi Tim, I'm in a very economically diverse area, meaning very stable.