To use my example numbers, you have 9 (below 10), he has 9 (below 10), but on joint mortgage applications you together have 12 (above the FNMA cap of 10).Lurkers: keep as few names on each individual mortgage as possible.

I believe I know why they are doing it.One of the greatest frustrations with free rental websites is zombie listings: The landlord has already filled the vacancy, but because posting is free, they never bother to take down the ad.By charging a nominal weekly fee, Zillow recruits landlords to help maintain a very large and constantly changing rental database.I'm not mad at them.

No one wants constant emails about small issues.

Do you attend the local pizza joint meetings?

.), AND I work many additional hours on my personally owned real estate, AND I use my real estate license constantly.

As suggested you can also Joint Venture with a more experienced note investor to began learning the in's and out's of the business as well. 

Was considering 10+ units, would be interested in considering a joint venture with the right people....

Also, it ends up being a lot of work if you have a lot of notes that are constantly coming due and then you have to do due diligence on new notes, etc.

This may be lessened now however, I base that off of the fact that Huntsville has diversified a bit now as not just a cog in the military industrial complex but also an industrial and tech center in it's own right, and just over the past year we had over 300% tech job growth.The dynamic you have at play with the constantly shifting population is a strong reason why I advocate to people that while Madison is certainly doing well now, it only really started to do so with a combination of BRAC and the creation of their own well funded school system 2-3 decades ago.

I glanced over the spreadsheet you made and i think you missed a few key factors. 1) Securities can also be leveraged, granted not anywhere near as high of ratio as RE but it can still be leveraged. 2) Liquidity, you can constantly re balance and fine tune your traditional securities portfolio daily, which allows you increased ability to avoid risk or capitalize on opportunity, essentially minimizing opportunity risk.