I've got a question that I'd like to throw out. Lets say you're setting out to get 360 backlinks. Which is the optimal strategy for this fictitious example?

A. 360 backlinks with anchor text "Baghdad Iraq IR Real Estate and Homes".

B. 180 with anchor text "Baghdad Iraq Real Estate" and 180 with anchor text "Baghdad IR Homes"

C. 120 backlinks each - anchor text "Baghdad Iraq IR", "Baghdad Real Estate", and "Baghdad Homes"

D. 90 backlinks each - anchor text "Baghdad Iraq Real Estate", "Baghdad IR Real Estate", "Baghdad Iraq Homes", and "Baghdad IR Homes"

E. 72 backlinks each - anchor text "Baghdad", "Iraq", "IR", "Real Estate", and "Homes"

The example using 5 words with 72 backlinks each would seem to give you more opportunities to rank for different combinations than being stuck with just "Baghdad Iraq IR Real Estate and Homes".

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I'd start here http://www.digitalpoint.com/tools/suggestion/ and focus on just those phrases that get searched. Then... I've always been in the camp of using specific anchor text and devoting a page to that phrase (it really seems to help on Yahoo/MSN right now) so I'd have a page Baghdad Real Estate - Baghdad Homes Iraq if both are competitive phrases and use that specific anchor text pointing to that page. If one is much less competitive I'd just use one page for and start with the most competitive term for the anchor text until I was at least top5 for allinanchor.

The funny thing is that you'll see yourself popping up for many related less competitive searches anyway.

I've been looking at this again though as I see a few competitors who do very well for multiple phrases on one page with a full sentence for their anchor text.

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