For example, let's say you are guaranteed a 7% pref and the property delivers exactly that, but then sells with a capital gain. 

In areas with rapid and sustained appreciation, you can use the equity gained through appreciation to purchase additional properties.

I would trade the 7.5% I am chasing with my "barbell strategy" (of 40-45% commercial real estate syndications) for a 17.5% return gained in active investing.

Starting with a smaller property or a few fix-and-flip projects can help you build equity, gain credibility with lenders, and better understand the process before scaling up.Securing funding for larger projects can be challenging without prior experience, but options like hard money loans might be worth exploring.

My hope is I can gain their trust as a property manager and eventually be the one they turn to to sell later on or refer for business in the future.

Why on gods green earth if you can save on commission, gain experience, meet investors and manage your own properties would you want to invest in a market outside of where you are?

I did it after I purchased my first park, but gained a ton of valuable insights and networking opportunities as well.

I am planning to get into the TN real estate market as my first investment and am looking for some information.In particular: Areas to steer clear of, property management fees, typical cosmetic rehab costs, etc.My strategy is to put large down payments on 2 properties (relative to housing prices) to help pay for my living in NY while still gaining appreciation in a growing real estate market.

Over time, rents may increase, improving your cash flow, and you’ll gain equity and valuable experience managing tenants and property operations.

There is no current tax on rental income and capital gains.