If I wait until accumulating enough cash in the account to buy another note, this will kill my yield.

It is much more difficult to sell an entire portfolio that has become uninsurable (which would require a cash only sale) or that insurance rates are so high that no one wants to buy. 

Just one example of a market getting overheated and then right-sizing.Same is going on with syndications, STRs and soon LTRs.BP took off after the Great Recession when investors could buy almost anything and rent it out for positve cashflow.

The ability to see the major issues before you buy is key especially when buying dilapidated early 1900's homes.

They wear like iron and still look great after 7 years of vacation rental use.Remember, you don't need to buy brand new.

Quote from @David B Graham: Investment Info:Small multi-family (2-4 units) buy & hold investment.

They put on a good show, but don't buy in.

@Tove Fox hope you find this copy & paste useful:)-------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

That means your GP team needs a minimum of $300K to invest, more if you buy a bigger or nicer propertyFWIW, SOFR is not a loan you can get.

The other day I started the thread Why do people Buy Property in California?