And you risk the boy friends and baby daddy's.. that's your risk.And of course kids are rough on houses I don't care what environment they are raised in.. 

Look for markets where the environment for landlord is good, prices are reasonable and growth is positive.   

(This is not a knock on people who went to private school lol, just a demonstration showing how your environment can affect your perception - which is ok, and actually a good thing for you to be able to determine what makes sense to invest for you!)

@Ken Mull, a hostile rental environment is certainly a reason to change your intent. 

The shift in rate environment could also accelerate the luxury STR market as inventory is exceedingly low and jumbo rates have fallen precipitously. 

To do a clean BRRRR in today's interest rate and highly competitive environment is very difficult.

Stocks-  we are very uncomfortable with the economic environment.  

In today's fast-paced real estate environment, having a flexible strategy is key to growth.

The regulatory environment is also a key factor for me as a first-time investor. 

In others experience is this return worth the risk given Multi-family environment ie supply, interest rates, project specific risks, illiquidity risk, and more specifically the Preferred Equity subordinated tranche risk (this sounds like just a Mezzanine loan without recourse).