What you're talking about is what we would call a diversification exchange - selling one and use the proceeds to buy several. 

Pros of index funds: Crazy liquidity, a lot of diversification, and passive as heck.

The cash flow is there to cover the HELOC and creates some diversification by having multiple units. 

I also sold a bunch of my stocks and bought both SFH and minority interests in MFH - just to get some diversification within the REI. 

I'm open to diversification and  thinking maybe I should have the next place in a different location, yet still within a 2 to 3 hour drive of LAWould love to hear from those doing rental properties in the area.

Why not more).Finding your tax advantages would increase your income and protect your profits to not be bullied by Uncle Sam (I have a tax office)Diversify your investments the "right way" diversification within the diversified!

I acknowledge that investing in the stock market is a good plan for diversification, but I have no interest in learning about P/E ratios, guidance, technical analysis, etc.

Multifamily properties offer economies of scale, higher cash flow, and diversification potential, while single-family rentals provide simplicity, easier management, and potential appreciation.

Diversification is good, but you are almost 100% dependent on the sponsor to blindly pick where the money goes. 

Of course you’ve considered land, maybe even ranches. Due to limited availability and increasing interest, a ranching operation is a rare and valuable resource that is only going to become more scarce over time. Which...