They invested in places with strong fundamentals (SoCal, DFW) and rode out all the downturns.

Maybe in the next recession it will be easier, but it is the fundamental issue with building affordable housing.

Nashville, for all of the hype, does have solid fundamentals but like Matt said - there is development everywhere.  

Fundamentals will always paint the picture.  

What holds me from more fundamental investments in the independence is regulation, which is also the other risk of this business.

As far as the markets, here is an article with things to consider-https://www.biggerpockets.com/renewsblog/2014/02/2...Memphis isn't my favorite...there are markets now with higher returns and better market fundamentals (in my opinion). 

The property itself needs to be fundamentally sound as well.How do you know you have 5% down for a 150 unit if you do not list price per door? 

There is alot to learn but I am trying to start with the fundamentals and get my personal finance in order. 

Maintain the property and begin implementing strategies that promote tenant retention before you need it.Buy in Fundamentally Strong MarketsThe temptation is to chase yield in speculative areas without a strong local economy, but don’t fall for it!

Play the fundamentals if you are in for the long-term...avoid speculation (unless you're a speculator of course). 99% of wholesalers are idiots90% of real estate agents are idiotsLeverage technologyTrust but verifyI'm sure many of us could write a book on this stuff, but I'll stop here.