@Anthony LaBarbera  The Pocono water parks have caught on and the Kalahara Water Park will soon be the largest in the US. 

My properties are mostly in 43615 which is the largest zip code in Toledo.

Property taxes are my largest standing cost on most of my buildings so I get that cost reduced and want to keep it low.

So, yes, appreciation would probably be the largest draw to purchasing an investment property right now.

The potential "black swan's" IMO are in federal government debt (and central banks around the world), corporate debt, and global geo-political stability, but I'm not too worried about personal debt.The largest portion of personal debt, by a long shot, is mortgage debt ... lending standards on mortgage debt are still tight by historical standards ... just ask anyone who has applied for a mortgage recently how strict underwriting is.

The PHX market will present the largest challenge since that is your target market.  

The largest majority is my job.

If you are going to pursue it as more than a recreational hobby, then definitely setup some tax and legal protections.

Some people might say you would be wasting money by letting that cash sitting around, but if you quit after 6 months or one year and started out with 30-60K, it would be very difficult to recreate the earnings you are making now.

The middle class is the largest population growing...