They blast through with 4x4 go, then, ooops, no 4x4 stop.....crash!

I have done this since before the crash, because it only takes one crazy to ruin your day.

I actually prefer that it isn't a fast growing city because it means it doesn't crash as hard in a down turn. 

When market tanks like that, we are susceptible to a complete market crash.  

Office and Industrial condos converted or built in the 2000's come with price per square foot sometimes as high as $8 sq ft even when you might buy it at a deep discount contesting to get them lower is tough.We owned up until 2008 when we did a sale lease back right before the crash...just in time.  

Wait to the market crashes before looking in AZ - the prices will swing way back down like they did in 2009 and 2010.

One morning the tenant got up and went into the kitchen to make coffee, she heard this loud crash.

I live in a similar market (LA) and I buy out-of-state.As far as choosing markets and teams and such, well first for the markets-https://www.biggerpockets.com/renewsblog/out-of-st...Of the markets you mention- Dallas is really expensive now and returns are minimal (prices there are higher now than before the 2009 crash), Austin doesn't cash flow as far as I know, and Houston got pretty short on inventory over the years with all the investors buying it up and cash flow is squeezed there now too.

I remember having perfect W2 income and credit and preparing for the required refinance at 5 years, then the 2008 crash happened.  

(again i'm not saying to they will crash, but they will come down until they see some traction and that is where they will stabilize)