I am no expert here but here's what (I think) I know :) She's also right that a lot of developers are in a holding pattern because no one knows what the final zoning changes will be.

(Also understanding property management either self or outsourced would need to be accounted for in addition to many other expenses)Lastly, is there a known “generally universal” pattern to the difficulty of acquisition of any of those types of investments vs the other (other than amount of money).

Then see if I notice any patterns and go ahead with one.

Live in the same building, saw great potential due to current migration patterns.

Although what has worked for us in the past is that when a new tenant moves in, we look for patterns in the bill for the first 3 months, and when we spot that we just tell both tenants to pay the same amount going forward. 

Good point... but that's not part of the fact pattern.

Use the BP calculator to analyze some deals, you should able to see a pattern for your market.

David Reider with Berlin, Pattern, Ebling727-385-2718Great guy and very knowledgable. 

Your biggest challenge is going to be financing, given your income pattern.

If you ever have a chance to connect with someone at the business school who specializes in real estate economics, see what you can learn about price appreciation patterns.