I have an interesting tool for converting real estate deals into analysis similar to what you would present for stocks or mutual funds.

Whereas older housing stock can be more difficult to renovate - especially when it once was a large single family that has been spliced into apartments.If I was to build a Multi-Family property from the ground up, I could control the lay out of the units, where the housing systems were located and their path to and from the basement, I could construct panels to access shower fixtures etc.

If the counter layout just has straight sides (no corners), you can buy 8' wide sections of basic laminate counters for under $100 in stock at a lot of stores and cut them to the length you need.

I think it's easy to say "just offload the management" but I don't think a managed portfolio of buildings is quite the same as a managed portfolio of stocks and bonds.

California has barriers to building new housing stock, which sends the prices upwards. 

That is awesome to say I want a fourplex, but there needs to actually be a stock of them where you are willing to live.

Interest rates due for revision in 3.5 years )Larry, yes I did not include maintenance, capex and vacancy in my 1137/month cash flow calculation for Property3My ETFs are made up of stocks, after 10 year bull run, I imagine stocks will go down by 60-70% in next 1-3 year span.

My buddy buying in the midwest has seen returns, but he would have been better off in the stock market (granted it's been a great few years). 

I would do a combination of stocks/bonds, notes and owning large assets like apartments, probably through syndications.

I always found the stock market confusing.