Thanks Hard money and private money are used interchangeably by most; and I would argue most use the terms incorrectly.

"Please send $2300 to PM by 2/15 at 5:00." no response or argue then file and serve them with the Sheriff.

Now, you can argue it "averages" to 10% if...... if, if, if.......

If you took that same capital and invested in very good areas, I would argue you would have your rent paid on time, an asset that'll appreciate better, and likely less overhead(less capex). 

Leave the trash on the curb.And, then consider this:  "Never argue with stupid people.

Nobody is arguing that KT should be replaced, but I think there are places where I would not chastise someone for leaving it.

It could be argued that a fractionnal ownership of one has a value 25% to 30% less that the real value and as such you can gift more interest and stay within your annual gift exemption limit.Also when you sell interest in an LLC, you can not choose which lot of interest you sell like with stocks. 

. :) Not arguing for that, just that's what I thought they were saying.I was going to say exactly what @Bruce Woodruff said.

I’m not going to argue with you. 

Anyway, I am not really going to argue with the rest of your post.