NJ is very tenant friendly state on the legal side.

Income side has been very consistent. 

The key is to compare each scenario side by side.

As a side note typically I do not use my deferred tax dollars to invest in traditional real estate as the benefits (depreciation etc) are all lost when using a self directed IRA - My guess is build to rent will provide little to no cash flow to build the account - it will all be locked in the property. 

The home needed a lot of work including roofing, windows, siding , kitchen, baths, and mechanicals.

A tenant complaining online might indicate that the property manager handled them appropriately, so be sure to ask the manager for their side of the story.7.

Road frontage on the front and side road.  

On the negative side no one wishes to rent long term here!

We’ve worked together for about 2 years now, and he is focused on the operations side of the business.There are many solid sponsors and operators in this asset class, some newer than us, and some older – and quite a bit of new money coming into this space (part of this is where we are in the market cycle, and other asset classes being overpriced like apartment buildings).I’ve personally had several conversations with @Jefferson Lilly (and met him at a conference), and he knows the space well.

On the flip side, if you've got a bunch of Section 8 tenants living in a building that's in a neighborhood where a lot of the tenant base has good jobs, high credit scores, and are generally reliable people, you've got the most risky tenants in that tenant base and that ain't what ya want.