Examples include: truly passive nature of securities portfolio investing, liquidity and ease of sale, certain tax or employer match advantages (depending on your situation), diversification and reduced correlation with other investments, and gifting/bequeathment considerations.

@Jim K. great analysis and assessment on the bequeathing of rental properties.

I had planned to bequeath my 1/2 of the property to my adult son but would like to gift it to him sooner rather than later using the estate tax exemption.

Since your life plan is to hold-and-bequeath, this is a great current-and-future benefit.

Calling those in-the-know and rational self-maximizers less-than-free is insulting to a degree.Again, if you're one of the fortunate few that are bequeath heaps of money I can understand avoiding debt altogether.

The ownership shares in the property do not have to be equal, and each owner can sell or bequeath his/her share in the property without the other owners’ consent.This means that each of the three original tenants in common owners had a % ownership and the right to use it all. 

Of the files I got to view, not a single will had any details of specific real estate, the language was always, "devises and bequeaths any and all real and personal property" or something like that.

Absent a will naming which bequeaths specific assets to certain beneficiaries, the laws are pretty clear cut for intestate (no-will) estates. 

In my neck of the woods, you can bequeath your property to anyone for a $46 recording fee.  

Charities are often bequeathed property in like manner...to be parkland or a school only, etc.