But you also have to apply your level of risk aversion or risk adjusted return.  

I purchased both as a package and for the next six years enjoyed great cash flow as I paid the tax on the house lot annually at about half of what it should have been and neglected to pay anything on the tennis court lot.  

For example, a property in San Diego may lose $500 per month ($6,000 per year) but gain $60,000 per year in value, making it worthwhile to "lose" money each month in exchange for long-term gains.I recommend you start with BiggerPockets Ultimate Beginners Guide (free).

Maybe I'm no longer a low risk bond investor, maybe I'm parking my money in $VOO instead, CRE REITs, or perhaps higher risk higher return bonds. 

Just like there is no such thing as a free lunch, there is no such thing as free real estate.

Understand the Process – Before lending, make sure you have a solid grasp on the private lending process, terms, and risks.

This was taking on suicidal risk to begin with, and it's just going to get worse.

Thanks for readingDavid $250,000 tax-free?

I hope you enjoy these books recommendations!

I feel like that will happen at some point and don't love that risk.