50 too old for REI - Notes vs Rentals vs ?

[Daphne Barber]

Hello BP Friends - 

Not sure where to post this, and looking for feedback. We are a couple of newbies ages 50 and 54, residing in NYC, and have been advised by an experienced investor (from BP) that we're too old to be getting into the game. He suggested that we take 500k in IRA money and roll it into a Roth IRA funded by notes (from his company). Next, completely divest ourselves from the stock market and invest the rest (about) 400K in various note funds, which return a minimum of 12%. Finally, keep $100k as cash reserves. He says this is the wisest thing to do because the returns are better than rentals, without any of the headaches. He says we're too far along in our timeline for buy and hold. Regarding any other strategies, he says for every "success story" on BP, there are 50 people you don't hear about who lost their shirts. Am I missing anything in this equation? All feedback greatly appreciated!