You must be the most popular Lindsay on BP and bubbled to the top of the list!

One of our goals right now is to increase our liquidity so that we can take advantage of any opportunities that arise in this changing market, especially in the case that traditional financing becomes unavailable or the terms become (more) unattractive.

It was a harder to get them out and am concerned about renewing a long-term lease should a similar situation arise with these tenants.

If you leave the area, the issue becomes managing and taking care of the property when emergencies arise and you are not local.

Most places have a popular school/district with the residents, but it's not always reflected in the ratings.

. - It's big enough to have plenty of traffic but not so big that the competition is really fierce (yet)- Arizonas laws prohibit cities regulating STR (for now)- Property/rent costs are low enough even in popular str areas (near the University and downtown)But I imagine there are similar areas around the country (I know Tulsa is a VERY similar market to Tucson for example.

You'll have to work hard to find a deal or look in less-known, less-popular markets. 

If the investor is unable to keep that amount of equity per deal, plus have the cash reserves for expenses/improvements, they need to be aware of the risk and weigh the pros and cons of potentially becoming overextended should the market shift, unexpected problems arise, etc.Happy Investing! 

I know my answers and thought process is not popular with most on this site.. and I am in the vast minority.. but that's the way I feel about it..

Having another portion of cash in reserve for when a good opportunity arises sounds great.