Additionally, a fund allows for diversifying much quicker into a larger number of notes (and which also can be further diversified by geography, underlying real estate asset type, strategy etc.)The downside is that the investor has to feel comfortable vetting sponsors (and not everyone does).

just don't do a lease. as others have mentioned, this forces the buyer of the property to take over the lease (if its even allowed/ they qualify) and it certainly does make the property a little tougher to sell. i'm also doing a house hack, and here in CA, its made a world of difference for me. the bulk of our energy usage is in the summer when we want to run the a/c. my bill stays a constant $228/mo (i pocketed the tax credit and simply financed the panels after that grace period). instead of getting an $800 bill in the summer months, we run the a/c at a constant temperature 24/7 on auto, stay comfortable, and i typically get a little bit coming back at the end of the year. don't expect to pocket this "little bit back" by being conservative with your useage, it sort of is a use-it-or-lose-it situation... i think i got $54 back this year.

Quote from @Brandon Morgan: Slow is smooth, smooth is fast.You move at a speed that is comfortable for you.

The $1M came from investing in real estate and my family has been in SFR rentals for 40+ years so I'm familiar and comfortable in real estate and believe that Multi-family investing is significantly more efficient that SFR. 

Start with locations I'm most familiar with - Spend some time on Youtube learning about the different areas, and seeing which ones I'd be comfortable living in- When narrowed down, rent an Airbnb and try to spend a week in each place- From there, start talking to some property managers and networking in the area to find opportunitiesI grew up around the metro Detroit area, so that would be a good starting point for the research, expanding out to nearby spots in the midwest like Ohio.

After that, you'll be much more comfortable and have the confidence to take action when you find a good deal.

I don't know enough about it to be comfortable with putting a dime into it.

I've settled today with my family at a cozy and comfortable rental where we have power and water, and wanted to respond first to thank all of you for your responses -- I'm so grateful for the kind words and information.

The area is loaded with men on 1-2 year contracts who have homes some where else and they just need 1-2 years of safe, clean, comfortable housing and the only other option is seedy hotels.  

It really comes down to your comfort level with debt and your long-term strategy.