It is also very different from having your IRA wholly invested in conventional assets such as the stock market where you are playing a much more speculative game and subject to the volatility of the news cycle. 

When you factor out the highly volatile sand states of Florida, Nevada, Arizona, and California, the foreclosure rate of multifamily properties was a fraction of that.

If its a flip maybe wait until things are not so volatile or increase your cash flow/purchase price standards to tip the scales in your favor for when rain comes. 

My goal was to be extremely conservative due to the volatility of the market and only buy great deals. 

If the note for particular property is individually owned by its own LLC and not an aggregated LLC2. if the valuation itself is true and correctThe problem with PS is it's super messy because of the two factors above.Pro tips: if you want to invest in a notes, invest to local note or local HML fund that's specialized in that particular region.In essense, if you buy into any "debt funds" nationwide, your risk is basically the macro economy structures, it's hard to explain, but if volatility is rising you HAVE TO MOVE money from aggregated/nationwide funds into a specialty investment. 

However, be prepared for management challenges with 12 units, consider the market's volatility, and acknowledge potential liquidity limitations.

However, the stock market can be more volatile, meaning that stock prices can fluctuate rapidly and unpredictably, and it doesn't provide cash flow like rental income.It's important to consider your individual goals and risk tolerance when deciding whether to invest in real estate or the stock market, or a combination of both.

You don't have any volatility issue with down years.

I'd like fixed-income, but I really like the volatility of higher risk assets. 

More volatile, but an interesting investment and trend.