It's hard to beat risk-free bonds, especially short-term ones. 30-60 day t-bills are going at around 5.2-5.4%. 

These rates of return surpass what bank-provided bonds and stock dividends offer.

If so I would 1031 over to a different REI class or get out and put into a 5% bond.  

Quote from @Thomas McPherson: That’s a good point about the bond market and mortgage rates.

Quote from @Bruce Schussler: A lot of Podcasts and Youtuber's say to cash-out refinance to keep rents balanced with payment; (PITI) then use those funds strategically to re-invest either in more real estate or just put into a high interest bearing account or money market account...Here's some of my thoughts and comparisons;Cash-out refinance with new loan so rents balance with payment:- The cash-out refinance is 100% tax free- The funds can be put into a money-market account off-setting a portion of the interest charge of loan- The loan balance gets eventually destroyed by inflation- The liquid cash eventually gets destroyed by inflation - The interest on the new loan can be deducted from the rent income- The refinance costs are 3-4% of the total- There is less equity in the property and LLC that can be attached in case of a lawsuit- The break-even on cash-out refinance with current interest costs on the new loan is around 12 years Vs.Paid-off property with positive cash flow:- The positive rent income is 100% taxable minus only depreciation and property tax- There is more equity in the property and LLC that can be attached with a lawsuit- The break even is not until after 12 years at today's interest rates- There is a rate risk in today's inflationary environment where interest rates on bonds keep rising*It appears to me that the cash-out refi is in the best interest for a property investor; (Dave Ramsey would strongly disagree!)

Focus on the simple basic transactions like a dentist does with routine teeth cleaning.For all agents out there, I'm not saying there isn't a need for high end service because top agents will always be need and wanted by their clients for no other reasons than perhaps the security that comes from the feeling of paying top prices for top service. 

Plenty of people think we're at a peak for real estate too, or stocks, or bonds.

That’s gambling, not investing. for those not familiar with what Mello Roos is.. its a Bond that was floated to pay for the infrastructure cost of the subdivision and is added to your tax bill by the county..

To my basic understanding RIETS are like bonds that you invest in then slowly pay you back based on your initial investment? 

Quote from @Chris Seveney: @Jay HinrichsI wonder as a broker if they needed to have a surety bond and could collect against the bond. most likely but its a small amount..