Risk adjust to 12%.2.  

I KNOW I am not up to Accredited.It seems to me to be "backwards" thinking that there is LESS risk to a 'novice' in a FUND since the risk is spread out over many Notes and professionally managed, whereas an Individual Note seems like it would carry WAY more risk, especially picking the 'right one' for your investing goals, budget, etc...? 

It sounds like you have an un-permitted unit, which is essentially always a risk since there has been no notice to the AHJ that it exists and they can therefore initiate a code case to have it removed in most cases.

I also don't want refinancing risk, so any deals with only 3 to 5 year debt are out for me.

If you want some very broad strokes that are asset class specific, but not location specific.Highest risk and return to lowest risk and return, offices is at the top.

Personal Circumstances: Consider your comfort level with debt and risk.

Not worth the hassle/risk to claim.

The more properties you acquire and refinance, the greater your returns can be.Potential Risks and ChallengesWhile the BRRRR strategy has great potential, it’s not without its risks:Unexpected Renovation Costs: While you may expect to rehab a property for a certain amount, surprises can arise, especially with older homes.

Quote from @Scott Mac: Every investment anyone makes involves risk.

The intent of allowing some sophisticated investors was to allow people who fully understood the risks of what they are getting into.