After Dad died, Mom ended up losing it to the bank.Looking back after that happened, I began to consider real estate as a vehicle to financial independence.

Additionally, I will add:-I don't think 38% expense ratio is being conservative, being at 50% is conservative and some buildings exceed this-bank won't even lend on a deal with a DSCR that low, you need to underwrite to at least a 1.25 or the deal won't get done-figure out what financing vehicle you're using, agency debt (Freddie) is possible at a lower LTV and interest rate but comes with requirements, community bank is tougher to get 30 year am on-I see nothing about exit assumptions, you might have to refi/sell after 5 years with higher interest rates and a softer market...then what?

They have no state income tax and their fees for vehicles as well as auto insurance and health insurance are extremely low.To qualify as a resident of South Dakota, one needs to go to the state, stay in a motel one night and go to the Department of Motor Vehicles the next morning.

I in turn l learn I can sell assets (IE vehicles) and that will do. 

What is the best vehicle(s) to hold those investments - which is likely a combination of taxable and retirement accounts

I've never used a lending vehicle other than self funding, so I really just needed to talk it out. 

But if you sell your property now and just park your money, you will not see very good returns in any investment vehicle that is liquid and safe.You have a hold of a "golden goose" that will keep laying cash flow eggs and appreciation eggs for a long time. 

But his vehicle of choice is a long term triple net lease aka NNN.Properties would be those owned by someone for a long time, appreciated greatly, a tired landlord who wants to sell, mortgage free.

While I think there are probably both real estate syndications and investment clubs in the area, I personally do not know of any and personally know of no one using these vehicles.

Lending is more better for sidra than owning a depreciable asset.. as the income is tax deffered so in my mind Notes are the preffered investment vehicle compared to buying the rental.. unless of course the rental has some big upside.For me personally I am all about PERFORMING first positions.. and have done about 1800 of them for sidra clients specfically over the last 5 years.... there is a certain niche and as described above you do need a few things in your note to make these comply with regulations but other than that.. go for it.. just use caution and due diligence.