You love investing, read more, discover new niche like apts for instance, learn about 1031 exchanges, economies of scale, network at your local MF meetup, and low and behold a new world opens up.  

A diverse economy and a growing population are the best things you can have.  

Have a diverse economy and a growing population is usually the best.  

It is usually better to have a diverse economy and a growing population.  

I have 12 properties and am very comfortable with a $30k reserve, economies of scale, the likelihood of 4 properties going vacant or 3 roofs needing replaced at one is so low.

Just make sure the economy you invest in is diverse and has a growing population.  

I live in the Denver area where the economy is booming and I'm looking to capitalize.

I live in the Denver area where the economy is booming and I'm looking to capitalize.

Appreciation might work for someone like you who has experience and can afford the risk of not having the cash flow right now but most people won't be able to afford the negative cash flow when the economy goes down.

Those areas when the economy is good might have a few extra grand a year to blow.