Good - and now that you understand this, Tony, all that's left is to figure out how to control appreciation, and only buy those assets whereby you can do that :)P.S. being a psychic is not requisite...

I would download a copy of the Landlord tenant laws for the State your rentals  so you can be sure of what guidelines you as owner are responsible for.. the PM is under your control and basically, and everything they do, you are responsible for..4 units all at once ..

But maybe that's not possible and I just need to cash out now for whatever the market can bear.I'm also OK with hanging onto it for another year or so for rental income if I can find a good property manager to take over the day to day rental management but I'm worried about getting locked into a long term tenant with Berkeley rent control laws being so strict. 

#1: You maintain control over specific value-adding potential. #2: You ALWAYS have to pay full market value for shares. #3: You're MUCH more reliant on the whim of the economy with shares, vs. property.#4: People always need to live SOMEWHERE (even you).#5: It's much easier to BORROW to buy property, vs. shares (and STILL obtain positive cash flow).

Also if your area is rent controlled you may be limited to how much you can raise it.

The main downside is control.

For sure, the reason the NC legislature passed the bill(s) regulating CFD in NC was precisely the reasons you posted.

It is incredibly difficult to manage, control, and has constant turnover.

My goal with REI is that financial freedom and control over my future.

You should build a power team before yu get into a situation you can't control