The more conservative, the lower projected return and vice versa.You will need to look at multiple deals that are targeting your strategy and asset class, before you will intuitively "know" whether something is in line or not.What is the most important factors when considering passive real estate opportunities?

It's much easier to set things up right than to have to transition them later when you have multiple properties and many, many transactions.

But it feels like if you keep cashing out equity on your properties to buy another, you end up with multiple properties but with your equity stretched really thin, like a house of cards ready to collapse. 

When I ask for an income report, I received a spreadsheet with multiple units. 

Have multiple strategies when you're putting deals together so that if one doesn't work well, you can pivot.  

Could you end up finding one or even multiple deals at auction?  

They'll have multiple carriers they can quote for you.

With enough knowledge you can make a educated decision on which approach you take.My experience:I personally don't sign up for any program who take you aside during events and try to sell packages that is just blatant sales strategy.Once you sign up there is every attempt to make you sign for their programs for bookkeeping, registered agent, LLC or corp setup fee which have ridiculous even with platinum membership.Basic standard structure they suggest to take advantage of multiple deductions can be easily achieved by proper education or work with a good firm like https://wcginc.com  who is local to you.A umbrella C-crop to manage all other LLC properties and take advantage of many tax deductions that are not available with a llc, its also used to take losses up to 100K as startup expenses and dissolve the entity after few years.Few LLC entities for investing in Real Estate, etc preferably in Wyoming or Nevada ( you can find many companies online who can do this for $150 compared to anderson $1500-$3000) , they will claim they have a secret Operating agreement which is bogus.They certainly try to take advantage of tax loopholes and claim to be smart people, my view they are just taking advantage of numbers as per their own statements.

I have multiple properties and am thinking of just doing non qm loans moving forward.

I have flipped multiple properties mostly land and SFH.