S&P has had 2 back to back years of returns in the 2x% range.  

(Which you could also then do with your new purchase in 2 years.

As a buyer, I like 20% down and to pay 6% interest only for at least 5 years. 

Quote from @Eric Gerakos: Michael, why would you invest in UNSECURED note funds when you can buy notes SECURED by real estate that are currently paying 10% for 2 or 3 year interest only terms?

I am planning on doing a flip or a build in Phoenix in the next one to two years.

Luckily, my 8-year-old is allergic.

After the appreciation we have been experiencing post 2022 and what we have been witnessing the last 2+ years its hard to pick a spot and be confident on appreciation.

I spent months, no, years, reading books, buying No Money Down cassettes, (Carleton Sheets, anyone?)

PPMG claims "...an average length of stay of 5.3 years

Keep in mind, though, it costs a couple thousand a year for board memberships/MLS access/errors & omissions insurance/broker fees.