Thanks Brian, I can probably blend that in with the previous advise.

@William Scott - Fellow Monmouth County investor here, I have a blend of short term and long term rentals in Asbury Park and Ocean Grove.

I also encourage you to think about amenities that are intentional and thoughtful, like a desk or work station, a small fitness area with a yoga mat, a "library" or bookshelf with reading options, or blending outdoor/indoor living spaces where possible (of course, if your unit allows it).

True, you don't need an architect per se (although few, there are some jurisdictions that require an architect's stamp), but there is much that can be said for a good, responsive team - that's where we feel we have unparalleled value.We have done plenty of work out of state, so the coordination issue is really no issue for us.

However, I dollar cost average with each new property and my blended basis is good.  

My accountant may have a heart attack at the prospect :) Has anyone run into problems with the IRS or their CPA due to moving blended cash flow through one HELOC? 

Need to blend this all together.

Curious to know how you managed to blend both practice. and any advice would be appreciated.

Jeff will also say that you should know REI from a fix and flip or LL vantage before investing in notes (Jeff, forgive me if I'm incorrect and excoriate as required....I never want to put words in others mouths) but, if you can evaluate the underlying collateral accurately, and are willing to learn about notes and buying notes at a discount, then REI note investing may be the perfect blend between stock market-ish and REI returns that fit your lifestyle and goals. 

It might not be "fun" but taking a 4% return on Property #1 knowing that it will enable you to raise a blended average return over time it's exactly bad!