Last vehicle I bought was a 1996 Ford Ranger new engine and clutch with 125k miles on itfor $2000 dollars. 

You have to rehab it, market it, sign a bunch of paperwork, hope deal actually closes, etc etc"I think you make a good point in that you should be looking at all of your investments as vehicles and ask "do they suit your comfort level and help you achieve what you're trying to do?"

Notes are typically or motorized as well therefore the County Clerk would not accept the note for recording 

DISCLOSURE:  I am a newbie of newbies, who wants REI to be the vehicle to provide income to provide a better life for my family and to fund a better retirement down the road. 

I’m looking to grow more as an investor than as an agent and would like to work with someone with similar goals using brokerage as a vehicle

Often a Self Directed IRA (SDIRA) is presented as a better retirement and/or investing vehicle, especially for its ability to invest in real estate.

Have you ever done any international deals via REITs or other vehicles?

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.