Because, if you are a “regular” person meaning don’t make 5M a year W2 / legit bussiness which shows on tax returns, you can’t qualify for 20M loanAlso it mean, that people who buy 20M condo, chances are they have 100M-200M cash sitting and not doing anything.Return of equity is 0, as it also the cash sitting in a bank.Debt is cheap now days: 4-5%, but if you have “unlimited cash”, then not need to pay 4-5%As far as max cash flow and minimum risk - it’s something a lot of members discussed already.And last but not least - let’s not go off topic.

Per this NY Times article, the average American knows around 600 people.https://www.nytimes.com/2013/02/19/science/the-average-american-knows-how-many-people.html#:~:text=The%20average%20American%20knows%20about,do%20you%20know%20named%20Kevin%3FPer the US Census Bureau, the average American moves 11.7 time in their life, which based upon an approximate lifespan of 84 years, works out to be about every 7 years.https://www.census.gov/topics/population/migration/guidance/calculating-migration-expectancy.html#:~:text=Using%202007%20ACS%20data%2C%20it,one%20move%20per%20single%20yearSo, if the average American knows 600 people and they each move about every 7 years, that means that the average American knows around 85 people that move in any given year.How many of those moves do you want to be involved in?

Thanks for all the feedback, it's been great to see the macro and micro considerations on this topic!

Stack good decisions on top of each other, consistently, and it will pay off over time. 

We all know 'housing affordability' is one of the hottest political topics as of late but I'm not seeing any commitments to increase inventory. 

At the point I made that decision, I didn't even know about self-directed IRAs, I just knew in general IRAs had a bit more flexibility.  

To be honest, I’m too busy to be making this decision right now.

Out of topic but how do you handle guest resolution on your direct bookings? 

It was the right decision for me at the time to have it be an LTR, but it's a PITA restoring it.

Right now, rent to about ~175 students per year.https://www.biggerpockets.com/forums/48/topics/1187121-stude...