But this just means the competition between nationwide brokerage is intensified, folks expecting tech-driven RE company like Costar's homes.com and Zillow to take over traditional nationwide brokerage that lacks of efficiency or transaction cost.As real estate volume reduces and reduced commission would be the new game, I don't expect traditional brokerage could survive if they don't adapt. 

This ebbs and flows, but there is a lack of clear communication when delays happen which make it worse. 

Especially among those in the late fall season of life who have been "mailbox money" fans throughout their earning years, it is not uncommon to see rents MASSIVELY below market value and those same people boasting in their lack of vacancy. 

It was free the first year (or not free since their poor service and my lack of understanding cost me my tenants), but I refuse to pay for them again. 

I get the less leverage aspect makes you more vulnerable to the underlying house price, but the lack of debt gives you the ability to maneuver around that & its likely a high house price point will appreciate more than the average over the long haul but these are just two years in, you got to wait till really year 8 to start trading the equity. 

Knowledge: I do not come from a construction background, and I certainly lack the skill to do most of the work myself.

Algebra and Geometry books on how they relate to REI.Proper knowledge on ho to analyze marketsThe importance of learning as many different strategies as you can, and then knowledge about those strategies, how, when and where to apply them, and the math behind them.Learning what a REI Plan is, and the difference between a Plan, Financial Goals, and the steps that lead you from where you are to your financial goals.The most important knowledge, is how all of this goes together.Now I've already done all of this, and more, but these are some of the most important things that are lacking out there.

I also know my weaknesses: lack of experience in MF, zero experience with underwriting and raising private capital.

You have a vision for the lot which I lack so don't let my comments deter you if that's the direction you want to go. 

Now you are restricting yourself to the "unqualified," for lack of better term, market.Otherwise, yes stay with at least 20% down.