The Homeowners Insurance will include Builder's Risk.

I’m also open to exploring short-term rentals, private lending, or passive investing in funds—anything that maximizes returns while keeping risk and time commitments manageable.For context, I’d consider leaving my job if this could become a full-time venture that surpasses my current compensation (low-mid six figures).

Ok, next let's remove all the high risk; bye-bye sec8, D/C class, per room rentals, STRs, all that big variables stuff GONE. 

Certainly from a capital raise perspective, $5 -10 million is a reasonable amount.That being said, raising capital for a blind pool fund is much more difficult than raising capital for a syndication where the property is already identified and the potential investors know exactly where there money is being invested.

@Allen Masry you stated you want to invest passively, so real estate is out, except for REITs, which are part of the stock market.You might be tempted to invest in a syndication, but those are high risk and you really need to research and then monitor them.

While I understand the risks associated with investing in areas unfamiliar to you, my budget forces me to do so.

It sounds like you have an un-permitted unit, which is essentially always a risk since there has been no notice to the AHJ that it exists and they can therefore initiate a code case to have it removed in most cases.

I think one of the biggest risks you face with Cash Out is interest rate risk.It's really difficult to predict where interest rates will be in a 2-5 year time period, so it can also be challenging to model out future mortgage rates.

Since companies have a limited lifespan (10–18 years on average), cities must attract new businesses to maintain job opportunities.Factors Companies Consider:Low Operating Costs: States with lower property taxes and insurance costs.Low Crime Rates: High-crime cities deter businesses and tenants alike.Natural Disaster Risks: Avoid areas prone to disasters, as recovery can take years, impacting your rental income.City Size and InfrastructureFocus on cities with metro populations over 1 million.

Ashcrack seems to be running the ARK innovation fund of CRE-Multifamily, with every property underwater and no hope for profit anytime soon, and with highest risk loans they could find on the planet to purchase with, I guess Tony Soprano wasn't lending then.