There's this notion that a lot of PMs are just lazy and doing nothing and trying to suck up customers money, and sure some of those people definitely exist, but for the majority I really don't think that is the case. 

@Keith AndersonI understand what you are saying and I have battled with the notion as to do I show a vacancy and repair % or not. 

So I was getting all excited about buying my first multi family, the recent podcasts were setting that notion in stone.

Next ---> If you need (6) properties to make the same cash flow as (3), even though your risk spread is greater, it sounded that the monetary exposure is equal throughout, but I immediately lean t the notion that the (6) are less expensive, that means they may have a higher risk profile, high risk profile if lucky can be a home run, but this is an extremely low case of success.

Furthermore, Frank said this:"In forty years of dealing with real estate investors and ten years of dealing with grad students who are learning this sort of thing I think I find the one issue they have the hardest time wrapping their head around is the notion that a property, if it’s a true income producing property, its value is based on its income stream, not on comparable sales."

Negative ghost rider.Yes public has a pre conceived notion about how real estate works.. and that is generally how SFR type real estate works IE board of realtors MLS system etc.Commercial is a completely different animal.. from my experience as you state most deals happen when a seller has a relationship with a commercial broker and that broker brings the buyer the property is never on the open market so to speak.if that does not work then its shared in their office.. 

You understand that yes, a lot of people are trying to get into this with clean hands and fantastic notions of how money is made and lost in real estate, and thankfully, that's not you anymore.

The macro-trends of Houston certainly support the notion that is a good place to invest in rental properties - oil prices have recovered, no state income tax, net migration into the city.

@Nick Bruns I'd second what @Guy Gimenez said.

Those are just my thoughts on the notion, but again I'm already strongly against the idea because of #2.