If you can't grasp that concept, then I'll back off. 

As a private lender for first time borrowers, I want to see low LTVs <70% and a good grasp on how the deal is going to go, what exit strategies are possible, and realistic expectations.

Given your circumstances, the following advice and considerations apply:Benefit from low interest rates, no down payment required in most situations, and financing for up to four units when you take advantage of the VA loan.A thorough grasp of your budget should include the purchase price of the property as well as any possible maintenance expenses and other related expenses.

Once in a Solo401k IRA money can be transferred and converted into the Roth portion of the Solo401k.Your seed and crop analogy fails to grasp the fact that paying taxes upfront on a conversion to a Roth gives many multitudes greater returns than RE held in a taxable account or an IRA.Using a STVR as an example. 

@Yang ZengYour situation presents a common dilemma for real estate investors: deciding between investing locally where you might be more familiar with the market but face high property prices, or exploring out-of-state opportunities where properties may be more affordable but come with their own set of challenges.Here are some considerations:Risk Tolerance: Take into account your degree of comfort and risk tolerance while managing properties remotely.Objectives: Specify your investing objectives, including cash flow, appreciation, or a combination of the two.Market study: To fully grasp the development potential, employment opportunities, and rental demand of prospective out-of-state markets, do in-depth market study.Hybrid Strategy: Another option is to choose a hybrid strategy, where you invest in a combination of local properties for stability and simpler management, and you set aside some of your portfolio for out-of-state properties for diversity.Before making a decision, it's essential to consult with real estate professionals, conduct in-depth market research, and possibly network with local investors in the markets you're interested in.Remember, there's no one-size-fits-all answer, and the best strategy depends on your financial goals, risk tolerance, and personal preferences.

That is what SOOO many of you just don't seem to grasp,Motivation is an eEMOTIONAL thing.

At this point I feel I have a fairly good grasp of the requirements for REP status (which I would never be able to attain), and Material Participation requirements in STR’s.

I think I have gotten a grasp of what was inferred via your walkthrough 👍 

@Mary MitchellHi Mary, I know it's going to take a bit of work to really grasp the IRR concept.There is a really great book out there: What Every Real Estate Investor Needs to Know About Cash FlowYou can buy it for under $5!

It might be helpful to speak with local real estate agents in your preferred neighborhood or region of Manhattan in order to have a better grasp of the market dynamics.