I realize southern California is a huge diverse area and I'm trying to figure out what the best way to become familiar with the market would be.

But over time, diversion of interests can occur and the marriage can turn sour, leaving one or both individuals wishing to end the marriage.

Pick a market that is diverse economically and has a growing population and know it's best locations.  

The 1031 Exchange can help you trade up in number of units (larger property), buy in a better/different area, increase cash flow, diversify into more units (quantity), diversity into asset classes (types of properties), etc. 

However, I'd like greater diversity, and in particular I'd like to get very smart about real estate.

I want to start out buying a property and renting it out.Brandon Turner - Alaska is as diverse as its expanse.

., I agree with @Russell Brazil 100% You don't have to be in markets like Austin or Los Angeles to diversify, I'm very familiar with both of those markets as I lived in Los Angeles/Orange County, CA. most of my life, you can get the same type of diversity and ROI's in our region here in the DMV area.

There's a weekly meetup at Big Daddy's burger restaurant  (I-183/Burnett) w/a sizeable group (40-50 folks) covering diverse niches that I would recommend.  

I wish to set up a strategy that is diverse and long-term, able to weather a down market cycle.

@Deborah Gilbreath Cobb is a huge, diverse market.