in a few short years 1 property has produced over a $1/2 million in equity, thousands in cash flow, was leverage to buy another property which does the same and leverage to buy a small cash flowing business. 

Real estate investments (STRs, MTRs, live in flips) have produced my best returns by a good margin.

I self-manage and produce $700 in pure cash flow each month.Lessons learned?

When the money dries up, they'll leave just as quickly as they arrived and you may be stuck with a real mess.If it can produce more money as a short-term rental, do it yourself.

Adding amenities like power, water, and a barn or pavilion could increase its value as an event space.Farm-to-Table Experiences: If agriculture is possible, create an on-site farm-to-table business where people can visit, harvest, and eat fresh produce.

The hedge funds and firms alone are buying more supply than is being produced. 

Obviously I'm all in on this first house and I'm rooting like heck for Clayton's team to produce a winner for me, but as for my second, third, fourth...etc.?  

This amounts to lost opportunity because if you had purchased RE, at the closing it can start producing return. 5) ADUs detract from the existing structure whether this is privacy, a garage, or just yard space. 6) this is related to number 1, but there are many more buyers looking to purchase homes for their family than there are RE investors looking to purchase small unit count properties.

Consider selling the duplex to put it into a higher income producing asset (out of state, DST, something).

A deal that produced a 25% net IRR to investors with a 1% acquisition fee, 1% asset management fee, simply pref + single tier waterfall, etc, may only produce a 15% net IRR under the current fee and carry structure, if their acq fee went to 3%, pref went down, they now have a GP catchup and multi-tier waterfall giving them higher splits for higher returns, etc.