For the reserves to replace components a decade or two out, I was hoping to get us into some exposure into an index fund (total bond, total stock, SP 500) or something but left the board before I could convince folks.

Questions:1) How much exposure?

In the end you just want to ensure you are taking the proper steps to minimize your exposure and keep your assets protected.

You can’t avoid all risk when you use subject to or wraps, but you can limit your exposure by buying the correct way and having a reserve if things go south.

The legal exposure is far too much with everyone suing each other and now the laws in Denver are more tenant friendly.

Turn keys are not listed on the MLS so are not considered to have exposure to the market.

You can even get exposure to C class in some suburbs. 

I agree but first time owning a 4 unit building, my attorney suggested giving them 2 months free rent to avoid any exposure but they're definitely trying to shake me down. 

You'll get like a net yield of 8-9%, less risk, and exposure to some growth in the equities.

You have a great situation that has allowed you to operate with no financial exposure.