It does not matter where you start as long as you develop your Core 4.

Some things I like so far is what appears to be a competency of their specific region, understanding their core business (PM) in general and their transparency/ disclosures.Two big things that give me pause:Rent negotiation: The requirement to authorize HW to unilaterally negotiate/set the rent without consulting the owner is a deal breaker for me. 

Hi @Joseph FuentesAs you begin your investment journey one thing to remember that Brandon Turner says from the Bigger Pockets podcast is to find your core 41.

If it's in any of the planned communities, which is most of the area outside the historic core with large lot sizes it's going to be tough. 

Something to remember what Brandon Turner from the BP podcast says is to get your Core 41.

Since at their core these are real estate plays. 

But if you are looking at a core deal that is being acquired direct from lender in a distressed sale, I would not agree that an expanded cap rate is a must.  

I prefer to develop and build within 30 miles of an urban core so we have the highest amount of equity and rents possible.

You can invest anywhere as long as you have a boots on the ground core 4 team in place. 

Following David Green's Core 4 strategy (realtor, contractor, property manager, and lender) gives confidence to invest anywhere.