Speaking as a resident, that's one of the things we love most about the city is the plurality and diversity in both demographics and in available arts/college scene/ historical values.

DFW area is more diverse job industries than Houston too.

The level of control it provides, the diversity, the flexibility. 

Make sure you are digging into- The market- Education in the area- Demographics- Job Diversity- Major employers- What class of building is it?

True diversity can be achieved and control is yours to do as your experience and knowledge dictates. 

@Josue Godoy This is a loaded question- If you are planning on being very specialized in a single area it would make sense to go one way or another...this is an oversimplification, but the point is to be diverse enough that you can process any type of deal...for example, really focus on an area you like well...like flipping, but learn how to hold properties as well, and whatever else you want to learn...as you grow, you'll be receiving many leads from different sources...and the point of this rationale is that you should have enough tools in your toolbelt to put your deals in a "best use" funnel...then profit on the other side.I'm only adopting this position because you are so young and have so much time in the industry to elect to pursue and specialize in one strategy.The simple answer is related to your goals...assuming you want passive income to replace your W2 means that you will need to buy and hold properties...similarly, if you start flipping properties, you're creating another job for yourself and creating a liability.

I have spent the last 20 years living in Los Angeles and NYC, but am interested in exploring a much more diverse list of potential cities for "early retirement" (i.e. a place to live when I no longer require traditional employment). 

listen to the podcasts: it's easy, it's informative, it's diverse.  

But property taxes are 1.1%  I personally think Phoenix has a very diverse economy. 

@Alexander HunterHi AlexanderYes you are correct, even though the AU market is softening some, it is still quite expensive to get in and can be difficult to find good deals - not impossible though.I invest in the US market from Australia, must admit, as a few have said on this thread, the diversity of the US market is great, and affordability and cashflow is excellent.