(This is not a knock on people who went to private school lol, just a demonstration showing how your environment can affect your perception - which is ok, and actually a good thing for you to be able to determine what makes sense to invest for you!)

@Ken Mull, a hostile rental environment is certainly a reason to change your intent. 

No amount of money is worth sacrificing your peace of mind.

The shift in rate environment could also accelerate the luxury STR market as inventory is exceedingly low and jumbo rates have fallen precipitously. 

To do a clean BRRRR in today's interest rate and highly competitive environment is very difficult.

Stocks-  we are very uncomfortable with the economic environment.  

In today's fast-paced real estate environment, having a flexible strategy is key to growth.

The regulatory environment is also a key factor for me as a first-time investor. 

This small expense gives tenants peace of mind, knowing their things are protected and they will get financial help after an accident or crime.

In others experience is this return worth the risk given Multi-family environment ie supply, interest rates, project specific risks, illiquidity risk, and more specifically the Preferred Equity subordinated tranche risk (this sounds like just a Mezzanine loan without recourse).