It goes deeper than that.NYC Liberal policies, including strong tenant protections, increases the risk of failure so much that the risk far outweighs the rewards.Financial ruin is just around the corner for the small Mom and Pop Property Investor that it doesn't make sense for them.The Tenants will have free Attorneys that are bent on delaying eviction cases so long that it stretches into years while Mom and Pop suffer from lack of rental income and still have to pay all the bills and do the management.Additionally, the increase in homeless living rough in the streets due to Sanctuary laws causing a lack of shelter beds, then evicting shelter residents after 30 days creating more homelessness, policies that tie up the Police's ability to arrest perpetrators, etc. only causes Mom and Pop to sell out at large discounts to larger Landlords who are capable to use Economies of Scale to eek out a profit.These larger Landlords will eventually turn a much higher profit as the pendulum will eventually swing towards the middle when the NYC Voting population eventually realizes that it's not a conspiracy of the Rich that's causing the Wealth Gap to increase.It's the same liberal laws that encourage people to become lifelong tenants, small Entrepreneurs (including Property Owners and small Mom and Pop Businesses) to be destroyed, and Rents to rise astronomically as housing becomes scarer even when the population declines by as much as 7% in the last several years. 

Of larger buildings in DC, there is only 1 single building in DC that allows mid term rentals.

Are you saying smaller check writing passive investors should invest in smaller syndication deals or larger ones?

Is this outdoor storage for larger equipment?

I'm sure in larger markets that is different though. 2.

I do feel like an LOI is more used on larger properties over 20 units.

Then figure out the time and energy you can commit to investing and other life priorities to be.

@Steven Mendiola admire your gungho attitude, be sure to temper it a bit with reality, but don't lose you energy - it can help you recover from a lot of mistakes!

That might be larger than you were interested in, but I thought that I would mention it. 

This tenant has since had another child and moved to a different larger unit of mine and is still one of my favorite tenants.