Pete is really the hub of all the major economic development & growth in Pinellas county. 

Tucson definitely has all the indicators you look for when it comes to economic growth.

Within the city, like most larger markets, rougher areas show greater cash flow on paper, but may result in more economic loss if you run into more evictions for non rent payment/turn overs. 

Make sure you underwrite deals extremely conservatively & stress your assumptions to the extreme to see how far the economic outlook can deteriorate before your deal goes bad.Can the deal survive rents being flat even after completing your value-add biz plan?

In some cases the syndicators term sheet will vary substantially from the actual investors terms, sometimes in materially economic ways, and sometimes in structural differences that may not be materially economic. 

Your google terms are "investment contracts", "Howey test", "Reves test", and "Forman test".The economic realities determine whether it is a security. 

The economics and park dynamics we're unlike anything anyone on BP was used to - space rent was about $1k/m, the space had a large landscaped backyard (larger than my personal SFR), and there was nothing transient about the park - these were homes that had nice decks and outdoor cooking and other stuff built onto them. 

If the population is declining and there is no sight of any major economic development in sight for the area then you may want to consider cashing out.

I tend to purchase properties higher on the economic curve where I am getting a different caliber of tenant than say if I was doing low end rentals.

Expect small problems with repairs for the first 18 months until the property stabilize the repairs.Once you get into apartments like me you can expect the economic occupancy to drop the first year.