The very first thing to do is to do an 'Engineering Based Cost Segregation' study performed to see where you can get back some serious money, using your rentals, to get back some serious money from the IRS.

Granted, this was 20 years ago, but I studied office at a tech school and took common classes with accounting program students.

The next study below from Cambridge associates looked at 942 funds from 1986-2016 data and showed around 3.9% outperformance of equity REITs over private real estate with median leverage between 54%-60% so not as high as individual house flippers but still with significant leverage:There are many other studies in US and also by EPRA out of Europe in developed countries as well as many academic studies, https://www.nareitphotolibrary.com/m/750b587aba063147/origin...and they mostly all agree that on the whole, on average, for the Average investor, that private Real Estate investing is statistically worse than stock market in US by about 2% and worse than buying equity REITs by around 4%, over last 20/30/50 years. 

I highly recommend you print, read, study, highlight, and keep this document handy.

Thank you,I'm new to this type of investing (more familiar with buying businesses) so I'm cobbling together information from brokers, chatGPT and everything in between to figure out what I need to (at reasonable cost while controlling risk profile) complete an acquisition.Facility is in rural Kansas, and is composed of a portfolio of 4 buildings on 3 parcels. 195 unit count - ~10 years old on average, some are newer (2 years) others older (15+ years)I'm trying to learn what I should watch out for in the process and what studies will be needed to get a good level of comfort before acquiring the facilities

Establ͏ishing clear objective͏s ͏for your investment, studying t͏he market, a͏nd for͏m͏ing a team of professionals.

It's all in his study of millionaires: https://www.ramseysolutions.com/retirement/the-national-stud...

I've been in multifamily brokerage for the past 10 years and study market trends every day. we do this floorplan in Columbus OHIO and just expanded to florida where there is a lot more interest as a owner's rep / deal facilitator.

I paid for a cost seg study on my only str property.

I don't have a degree, I don't study markets daily, and I certainly don't hob-knob with the elites that control what is controllable.