However, the investor has to reach a level of scale and sophistication that most can't achieve and then economically a standard PM makes more sense.

I didn't know what we were going to do after I lost my whole paycheck at the casino....er, I mean......."

But I see other seniors in my building with gambling problems (lots of Indian casinos around here), who smoke cigarettes and/or pot, who spend their money at the local bar, going out to eat, buying new clothes, etc.  

But, you'd be amazed at how someone supposedly broke finds money for new cars and cigarettes and the casino, etc.  

., and the only reason they are broke is because they blow all of their money at the casinos, and on cigarettes and going out to eat or to the bars, etc.If you go ahead and raise her rent to market rent, she will cope.  

@Alex SpahmanSave $50k & do a syndication as a sophisticated investor.

It is boring and not sexy but still a more sophisticated investment than a couple midwest rentals could be normally.

Some very sophisticated investors understand, too, that it's this point in the market when it's really best to 1031, not at the very top, like most people think.For what it's worth, I sold my entire $25mm portfolio last year.  

Omg, had to post the update, I went to collect the rent and turns out the tenant had needed the $ to go to the casino because she "needed to screw". 

I don't know what passes the muster for "sophistication," so I still may not be eligible yet; still, I'll look into that option!