Downside is you likely need to be asset class and location agnostic.

One mistake or big unexpected expense could ruin you if you only have one or two rentals that are not cash flowing.That said, especially in the current environment, if you are coming from a very strong financial position then there may be times where it may fit your goals to invest in a highly appreciating area with no or negative cash flow.

Are you looking D, C, B or A class tenants/ market/ property? 

He even teaches classes. 

i agree with you on the tough environment there for purchasing / house hacking but I wouldn't give up on that regardless of what else you look into. house hacking = owning real estatewildly successful arbitrage = not owning any real estatecan you look in Frederick MD or Fredericksburg or Ashburn or an exurb? 

Happy to talk further on the area (we are large enough to offer options to focus on student rentals/UW Madison campus, and anything from Class C to A locations or suburban/surrounding communities) but to help you consider broad initial search, you could start by deciding how important cash flow is. 

Later i found out I actually wanted the class focused on building apartments.   

It does cost money and you are required to take classes.

$15k co-host, $6k insurance, $34.8k P&i (7%, 30 year DSCR), $5.5 prop tax, $12.7k utilities (mostly propane & elec), $7k maintenance/cap ex (3100’ with class A finishes), cleaning $24k (8 turns/month), then the small items. 

Most fields to become world class at something take 5 to 10 years of consistent work and improvement on a daily basis.Today about 21 years in with commercial real estate I have tons of business and also properties I can purchase.