One capex issue or tenant turnover is going to eat up years of "cashflow".I would advise you to work on getting a smaller number of high quality units rather than scaling to 20.

With $4+ million in equity, you could conservatively leverage your replacement property(ies) and generate strong passive cash flow from high quality NNN assets.

If you want good tenants and peace of mind, I recommend looking for Class A or B properties as these usually attracts quality tenants.

Giving the best quality of service to people is the top priority! 

@Adam OrtizRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

It depends on your financial strength, the quality of the property, how many properties you own, etc.I like to start with one significant expense and three months of vacancy.

You might find that installing a mini-split system, properly insulating, and ensuring the finishes match the main home’s quality will make a difference in how the appraiser views it.

it will show you how many times it was sold and how much they made (usually millions)Hi Laura, would you please recommend a dependable service who would produce accurate, high quality, court-ready documents?

As far as Lance Kawaoka's claim that the reason there wasn't much response to a post about checking on the quality of a large, well-known, super-markety sponsor is that members wouldn't want to declare that they are a high net worth individual just doesn't hold water.

The right idea is going to be the bread and butter.1) Ideal location2) Quality properties over quantity of properties3) 1.25x DSCR4) Intention to hold no less than 8, but ideally 12+ years.5) Sufficient cap reserves6) Mechanisms to enhance cash flow(via alt investing or house strategies).7) Liability protection through no PG loans(if possible), LLC formation, property management and being a diligent landlord.8) Invest deeper, before wider.Now if you're talking where to invest, different information.