Take small steps like others said and if the first deal or two build up your confidence and appetite then keep investing, if not then REI is not for you.

The return on a single asset can be higher than a fund, but as they say "higher risk, higher return" so determine you appetite for risk and proceed with caution! 

i think a couple of friends of mine are doing this. they borrowed against their primary, i think as a 2nd TD on top of their low-interest 1st, and are now loaning those funds out as private money funds. personally its beyond my risk appetite, but to each their own.

Improvements:   (budget $125-150K)Renovation of rooms into private rooms - add walls/baths2 story, I consider personal elevators rather than StairliftsFire Suppressions system tied to Alarm System (including door security)Deploy personal scanning technology to detect falls, activities of every resident, inside and in the enclosed yard. 

Things of note at the moment: crime/homelessness increase, new property/wealth tax proposals, new eviction laws being proposed, commercial appetite (that’s a big one currently as it will say a lot regarding how remote work will affect the area).

What about the fire suppression system? 

In addition, each individual investor had a choice over both risk appetite as well as each individual investment they elected to invest. 

However, you can do a lot with 100k + a hard money loan if you have the appetite for more risk.

The one issue that might pop up is Fire suppression systems.  

Everyone is citing a reduced appetite for properties over 30 years old.