AI replies and posts are annoying but hard to maintain/control those.

They also are thinking of getting a different PM to manage it after they can gain back control but would like advice on doing so.

Now it's an out of control machine with a lot of financial incestuous relationship in the tupperware farm.I like your analogy.

So, not really passive.Investing in rReal estate offers a lot more control than investing in stocks, but it also requires an investment of time to do well.

Also control the thermostats so the tenants don't jack up the heat in the winter giving you a massive bill.

@Ed Lopez what controls do you have over what they decide to do?

If there was no appreciation, there is no need to do a 1031 exchange.I have never been a fan of condo's as you lose some control over the investment - You have no control over the monthly maintenance fees, you may not have control over who is on the board, you have no control over special assessments.I wish the investments turn out well for you!

He believes that area where he will be buying the new homes is going to appreciate and attract more MTRenters, but now, the big difference is that he would now have 3 properties that can go up (or potentially down) in value, go up (or down) in rent, and three times as many vacancies to fill.My back of the napkin assessment is that for only a drop in $200 a month in cash flow, he would control a lot more assets with growth potential and as rents rise over the coming years, the combined rents will increase to a total more than the single rent.HOWEVER.

University of Kentucky and Lexington-Fayette Urban County Government Land Swap: In 2018, the University of Kentucky exchanged 250 acres near its Coldstream Research Campus for control of several important roads in and around campus, contributing to economic development opportunities and improved urban planning. 

You can, for example, control a $1M asset that appreciates $30-50k per year with a $50k down payment plus closing costs if your DTI is in good shape.