I think insurance will dictate some of what happens on this front.Also consider for many people the moves aren't about the factors you consider but they are tied to work or family. 

A good Accountant or Bookkeeper will work with you to tie out all your accounts and let you know any issues or advice as it comes up throughout the year.I would be more than happy to chat with you more about your finances, I was one of the few Bookkeepers to be invited to BiggerPocket's Financial Service offers and have been working with them on ways to improve it as I help more and more investors with their Books. 

Blanket loans are typically ARM's instead of fixed, and then you are tying the two properties together.

It offered a solid return without tying up my capital for too long.At the end of the day, it boils down to what you're comfortable with.

We are responsible for what ever is built and are tied to that project for at least 7 yrs beyond its completion.

James Wise called you out on ties/ownership in this PM entity, and you played word-salad games trying to pretend had no connections to it. 

You are too tied to those two decisions, neither which are good in my opinion.

It goes deeper than that.NYC Liberal policies, including strong tenant protections, increases the risk of failure so much that the risk far outweighs the rewards.Financial ruin is just around the corner for the small Mom and Pop Property Investor that it doesn't make sense for them.The Tenants will have free Attorneys that are bent on delaying eviction cases so long that it stretches into years while Mom and Pop suffer from lack of rental income and still have to pay all the bills and do the management.Additionally, the increase in homeless living rough in the streets due to Sanctuary laws causing a lack of shelter beds, then evicting shelter residents after 30 days creating more homelessness, policies that tie up the Police's ability to arrest perpetrators, etc. only causes Mom and Pop to sell out at large discounts to larger Landlords who are capable to use Economies of Scale to eek out a profit.These larger Landlords will eventually turn a much higher profit as the pendulum will eventually swing towards the middle when the NYC Voting population eventually realizes that it's not a conspiracy of the Rich that's causing the Wealth Gap to increase.It's the same liberal laws that encourage people to become lifelong tenants, small Entrepreneurs (including Property Owners and small Mom and Pop Businesses) to be destroyed, and Rents to rise astronomically as housing becomes scarer even when the population declines by as much as 7% in the last several years. 

The money is "tied in" (you can't get it out if you need it) for the length of time for the project.

Looking at the history of the market, your appreciation will be 10x stronger in your market holding just 1 property than trying to manage 12 doors out of state.