(diversification should spread risk, shouldn't it?)

I really don't keep track of the percentage because diversification is not the central theme of my investing.

Smaller notes provides diversification and maturity distributions over time, doing a half million on one deal and holding it is not my in my comfort zone, even though it could take less attention than 3 or 4 other deals.

Depending on goals, strategy and timelines some good metrics can be; population growth, rent growth, income growth, job growth and job diversification.

Diversification is the way to lower risk.  

I am diversifed and also have properties in the Midwest. 

There must be multi-family networking groups where you live, where you can start to make connections.As for investing in a fund vs. a single property, there is the benefit of diversification.

Diversification will also help spread your risk across properties.

As the taxpayer for the relinquished apt building the LLC will need to do a diversification exchange selling the one apt. building and buying two replacement properties.  

Geographic diversification is a good thing with RE too.