Direct lenders are great for portfolio style loans, investors that do significant transactions and have a banking relationship. 

I'd recommend interviewing multiple PM's and seeing which one fits your style and expectations.

Just like most things in life there are good and bad to both choices. 

At this stage in my life, these equity plays are more impactful than holding onto a property for a couple hundred dollars of monthly cash flow.What’s your take?

So here's a real life  question. 

At some point, the juice isn't worth the squeeze for us and we just want to enjoy life. 

It could offer some benefits if designed properly to avoid a "slumlord" style property with 3x units crammed on one lot.

I wouldn't bet my life on 50%, but I would bet they are more problematic than the typical long-term renter.

when you're starting out, do you need, and are you likely to get, a life changing, home run deal on your first buy?  

While I don’t regret anything in my life if I was to go back in time I would finish the real estate degree and go into something real estate when I graduated at 22 instead of doing it half-as**ed for years.