To be fare I AM RETIRED, manged projects up to $7mil and it is in my blood.

We need some pics mang. 

Not to be a jerk, but you kinda lost me on the "mange the property manager." 

With an expanding rental portfolio and next step to focus on Multi-family, it seems to be a better idea to hire a professional Property Management company to mange my rental units.

It is often hard to mange from afar and trust a properry  management company. 

If you mange your own (some custodians allow this and some do not) the rents cannot flow through your bank account, but you can collect the money orders or checks. 

Just by the net alone you refer to that would be a cap rate of 8.375% which isn't too shabby.As far as self managing versus using a management company is concerned: It isn't as difficult to self mange as it may seem.

having been in this space with investors since the mid 80s  I have never met anyone who is looking for notes to retire on straight away or replace their income..it simply takes way too much capital if you have 2 to 3 million liquid then yes you can buy great performing notes straight out of the gate and within 3 to 4 months be making 20 to 30k a month no problemMost of my clients though and I have had hundreds.. they did this as an investment vehicle just like if your going into the stock market few say I am quitting my day job to be a full time stock investor.To replace your income in the note business you have to do as was mentioned above and create a business out of it and bring in others money and mange it for them like many do including myself.then those that want to invest with you will want to know your experience... its tough starting when I do this I can show couple thousand loans on the books  LOL.. so credibility is not an issue.. so what for me is quite easy can be really tough for someone starting out. 

A REIT will give you some sense of safety because your risk is spread out over many properties but you then put your faith in someone Else's ability to choose and mange property.

We can find the deal, help find you funding, build it / rehab it, and mange it for you.