I assume you are actively overseeing your acquisitions and you are reducing risk by doing 200 mile radius deals, in order to learn by seeing. Seeing walls opened up to see additional cost is a sobering lesson. Since I'm older, passive income without losing principle over the long run for a portion of your funds and some in the more risky pig in the poke rehabs makes sense. Just diversify knowing slow but steady growth allows sleep and the more risky provides adrenal stimulation and a reason to be excited. Being excellent in both takes time and experience. your ltv borrowing and lending (exposure) must remain low enough to remain in control. private lending on non rehab properties is one of the safest. buying all cash rehabs, your cash is the the most risky. Leveraging 20% down on your own rehabs is spreading yourself thin unless you are used to the pace of overseeing 5 construction fiascos at a time in all different phases as it can be daunting. Good luck in choosing what fits your skills. It requires your decision on your capabilities and is the reason we are entrepreneurs. if i can help, pm me.