@Marc Warren The climate has certainly changed. 2022 has been a challenging year, with interest rates squeezing cash flow down from where we were a few years back.

In low cost western markets with tax friendly treatment, moderate climate and high rents, expense ratio can be as low as 35%.

It will always offer a lovely climate and topography for the rich and will provide the assistance for the poor.   

Same as true today, despite the pandemic and terrible political climate.

There is a lot of very smart "noobs" out there, I have faith most will recognize when the climate has changed and level of complexity has moved above there capacity, and that it's fertile ground to ADJUST to JV-type actions. 

Especially the smaller STRs -- the big resorts have been slower recently, although the political climate may have something to do with that (11-12/2020)Clearwater and Clearwater Beach are no-go for STR unless you buy in a condo-hotel, or really lik eplaying with fire. 

As far as climate goes, we have a wide variety, but not a lot of water. 

Happy New Year DouglasYour talking to a California Boy here Douglas, whose spent more time on a skateboard than a snowboard and thats the Gods honset truth.But I'll give it a tryYou should consider insulating both your hot and cold copper lines with the heaviest poly foam insulation you can buy,,,i'm talking 3/4 to 1" thick and I mean every linear foot of pipe,,,,Now having said that,its my understanding that in colder climates there are systems where you actually wrap your water supply piping with heating wire to prevent freezing,Of course the key here is you must have 24/7 electrical power to the wiring.Now to my new friend Alex M,,,In a word Alex ,youre off to a good start,,,,,For my money ,your cant beat the Noritz tankless water heater products,,,,in the first place,,,if you have a troubleshooting issue ,they send their tech guy out to your house to check out your problem with your unit,,,you heard me right,,,Secondly ,they are a class act,,,,I'll say it like this ,,,contractors like myself LOVE THEM ,,,because we get no call backs from Noritz products,,,,Bare in mind ,,,the secret to tankless is;You want to install them on an outside wall ,,,why?

With no hiding spaces.Code type locks so only renters can get in.etc..Also coin free payment system will remove the temptation for local junkies to try to pry open the coin boxes.And a monitored camera system may cut down on locals trying to use it for a Marijuana smoking den.https://stealthmonitoring.com/security-blog/tips-for-securing-your-multifamily-residential-laundry-roomAlso know that washing machines cannot be in below freezing temps, so you will need some sort of climate control as it snows in Los Angeles.https://www.youtube.com/watch?

Climate and culture are both major drivers of where people decide to live.