It might have areas that will continue to do well and others that will go down in its popularity so I would tend to look in areas close to home and that area in high demand, has a diverse economy, population rise, and job growth, and talking to experienced Agents and get their opinions if I was looking at it long term. 

There are a lot of scary similarities in the market right now as in 05, 06, but agree that the shortage of affordable housing (builders are just now starting to build them, way after the fact) and labor shortage (kids uninterested in the trades) will delay the arrival of a correction (agree it will come eventually).Plus the employment base in Phoenix is much more diverse now than 10-15 years ago (construction & financial) to a lot of technology and corporate support services recently added. 

Amongst friends and living in a community with more personal space, diverse economy, access to travel (roads / airports) and strong local culture (food / entertainment / socialization).

There are diverse investing strategies.

That initial rehab investment could technically pay you back in 2-3 flips which you can then go and put into a diverse portfolio of holding properties for long term rental cash flow while your main cash flow comes from a turnkey rehab solution?  

Obviously, in a big country like Canada there is a diversity of house prices and markets. 

You'll find diverse opinion about buying with Tenants in place?

I lurked for quite a while, but it was time to take the next move and join a large network of people with experience to learn from, diverse backgrounds, and similar financial interests.I am a moderate DIY’er and purchased my first home for $12,000 as a short sale (it was once offered for $3,000).

Keep in mind, by "area," I'm talking about neighborhoods, not whole cities.I just recently decided to branch out from my city I normally invest in so that I could have some geographical diversity. 

Vegas could nearly be cosidered a desert suburb of SoCal in a travel and cultural sense.