I'm retired and can't lose this money) be sure to fill that in.

After 35 years I’ve developed a healthy respect for this business from the school of hard knocks.The day I’ve discovered this business is easy or simple will be a good day to retire.

All the markets you mentioned are solid choices for affordability and long-term growth potential.If you’re looking to narrow it down, consider Indianapolis or Columbia, SC, as both have strong rental demand, landlord-friendly laws, and stable economies.

Yes I was expecting cash flow to be more stable from the beginning but I guess it takes a little bit of time.

Level 3 is $20m in real estate so I can retire with a 5% return for $1m a year.

. $ value AND 4) buying in a good/stable neighborhood/market AND 5) buying with some type of upside AND 6) etc. etc. etc. —- Again I’m not saying you have to do these things; it all depends what type of investor you are and what you are looking for however it is important to understand that if you shift the responsibility of either identifying the invest property or managing or any other aspect there WILL be a trade off — in this case the turnkey company has delivered on your goal of 8-9% ROI (projected... so TBC) and in return you have traded some of the other benefits of investing in RE for the convenience of not having to do much more than to look over the properties they have sent you and funding it from the comfort of your home, office, etc. ... again if this is the goal then you are on point but if the goal is to also partake in ALL of the other benefits of RE then you should understand that and not be surprised that it’s not a ‘stellar’ investment that checks all the boxes.

Is using a self-direct IRA to fund this venture a way to defer taxes until retirement ?

The old guard gets burned out and retires.

Something I find much more exciting and ROI-stable than just a big-*** luxurious apartment in Lisbon Downtown ;) 

Do you want to buy fixer uppers or more stable assets?