Another theory I've had for Phoenix (it sounds like this wouldn't hold for the Bay Area), is that the fundamentals have only gotten stronger over the last year.

Understand the fundamentals of real estate such as how analyze the numbers and markets3.

That play is executed so now its more likely that I will have to look for strong fundamentals and cash flow than a home run like the prior.

Good provider or not, you need the proper market fundamentals to support whatever you buy.Happy to share experiences or resources anytime if you want to reach out.

Like @Andrew Johnson noted, they start off targeting 500 doors and forgetting about fundamentals.

After all, it's POSSIBLE to hold a wedding anywhere - but the better logistics, spaces, etc. that are fundamental to the property, like parking and setup space, will make for a much more desirable venue.  

This is the fundamental problem I have with Wall Street who takes too much fees off the hard-working efforts of the middle class. 

A lot of lessons learned in 3 years for a lot of people on the financial fundamentals of positive cashflow.

I also understand that at a basic level it's the interaction between the real estate purchase market and rental market supply and demand curves which drive attributes like price to rent ratios in a given area.My question is, how do those two related supply/demand curves interact at a fundamental level and what are the common characteristics or reasons a market maintains a good price to rent ratio?

I would suggest no matter what option you go with, you need to look for locations that have good fundamentals.