What the market is in that one spot dictates if/how/when to invest in it.There are always places to invest in RE...it doesn't matter what the economic climate is. 

So naturally when our time came, I was the only tenant-occupied unit, all the other owners wanted to convert (understandably).As for your friend, who knows what the political climate will be like when she is offered to convert. 

I've had a rental in Phoenix (so a warm climate) for the last 8 years that has a fireplace. 

What is the preferred method, especially in colder climates?

Purchase price: $3,200,000 Cash invested: $5,000 Purchased self storage facility #3 - Big Oak Self Storage - just down the road from our other 2 facilities. 290 units of self storage - mixture of climate controlled, drive-up storage, RV & boat covered parking.

A pool, for example, will cost just about the same no matter the market, but the value of a pool in a warmer climate area is way more than in a place that experiences cooler weather.

The old retired landlords that I'm buying these properties off of are all wealthy and just moving to warmer climates bc they can, on multiple occassions I've been talking to these men about my longterm goals, and they have said "if you just stay here and do this you will be wealthy for life" . 

When cold enough I've seen interior pipes split within a matter of a couple hours of a heating system failure.I'm veering a little off track now but when you live in a climate that sustains -20F for weeks on end you get pretty well versed in the freeze threshold of a lot of different materials.This toilet took longer than a couple hours to finally give up but it's pretty good example of the kind of damage that can result.

I will start at the macro level (demographics, anticipated growth, economic climate, etc) and work my way down to particular neighborhoods/geographies. 

We are seeking permitting for a 2 phase build:Phase 1: 75,000sf of Climate Control, 30,000sf of Non Climate Control, 30,000 of Boat/RV StoragePhase 2: additional 75,000sf of Climate controlTo answer a question mentioned in this thread there are 3 REITs that focus on 3rd party management for a 6% fee.