I was invested in the past couple of years in an oil ETF issued by credit suisse and out of the blue they just decided to delist it.

Houston basically sits at or below sea level, so there isnt a ton of places they can put the water until its made its way back into the ocean.  

Oceans, mountains, rivers, lakes, national forest, etc?

I still have buddies in Louisville that are buying blue collar houses in Louisville for $70-80k.

I have self managed several properties and almost all of the horror stories are like once in a blue moon events.

There are trains running from several directions into the city, so that's an option - depending on what part of the city you're traveling to.Another key item is proximity to water, whether ocean, lakes or streams. 

While this one's long history of ownership is probably a positive, I have a B class 4 plex in Blue Springs that only rents around $700.

Avoiding major grading.City political structure that is conducive to reasonable subdivision map timing and conditions of approval.Market conditions that provide sufficient demand for lot sales and/or home sales to support the lot sales.No environmental issues, or toxic soilsNo biological issues such as endangered birds, bees, butterflies, salamanders, lizards, owls, or anything else that may be or could someday become endangered.No wetlandsNo blue line streams, or any involvement from the Army Corps of Engineers.No major flood control or drainage requirements.

Not war zones but mostly retail and blue collar workers with some section 8 mixed in.

That is assuming of course that our lender would allow it.I have several different potential partners to do deals in this manner so want to figure out a 'blue print for it up front'.