Real estate in a 401(k) is less liquid, so keep cash reserves for repairs or vacancies.

I've consulted a few times over the years with planners and with the way I buy properties, my liquidity requirements, and my concerns about about how government overspending affects the future, makes me a poor candidate for IRAs and 401(k)s with the stifling regulations.   

It isn't impossible but as @Jimmy Lieu mentioned, there is a steep learning curve.Depending on your liquidity, out-of-state buy & hold rentals could be your best bet if NYC investing is out of the picture.

Many people don't realize that you gain as much or more net worth through debt pay-down, and while it's less liquid than cash flow, over a 5-10 yr hold period it's considerable if you buy in the right areas with the right asset class.

Another angle to consider is liquidity and flexibility.

Drag is very real with HML which is what they are doing.. you sacrifice drag for high liquidity when your doing those types of deals as an investor in HML/PML 's  

What I do know is I don't plan to leave any crumbs 😂I also am aware of laws that say I shouldn't say things like, "I'm offering 8% return to someone who has the liquidity/resources", if they are not friends or family.

What do people do when they run out of funds (liquidated credit cards and family members assistance)?  

But if I had a lot more liquid capital and had the choice, I would buy newer ones.

Basis - $323K Debt $66K Liquidation Cost estimate 10% if he sells through broker - $66K.