Or I can make it a gravel lot, put up a fence, and call it boat and rv storage.

Much like a mailed check/money order is "paid" when it is post marked as it isn't the tenant fault if 1st class mail takes 3 weeks (which actually happens sometimes!).

It would leave your net worth really skewed into one asset and class of asset. 

The tenants in the 3 bedroom rental aren't in a protected class but I do not want to get in any kind of legal bind. 

Yes it's a little onerous to get started, but the guests or a better class than my Airbnb guests for the most part. 

Do not quote me on this but I think someone told me the new fund was a debt fund (along with some other asset classes) and a percentage of the money raised was to invest in their other funds (ie. instead of capital calls). 

before I had a PM I have one account and use quickbooks and just classify each tenants deposit as a class.

Anyone telling you to buy 80k properties in class D neighborhoods and rent them to section 8 for 2200/m is not doing you any favors. 

. $8k won't get you anything in a class B or A market with 20% down or even 10% down. keep going though!

In class C+ to class B areas SFH, duplex, triplex and 4 plex.