Construction costs are spiking, making it impossible to replace product that rents for $800 - $1200, which happens to be the range most can afford.

They are cash cows and provide much needed affordable housing options. 

Thankfully we got it at a price that affords is these lessons... not that I want to be learning them this way, but hey- that’s life and business.

About half our applicants don't have income that meets the 2-3x rent threshold, even with positions in architecture, software engineering, etc. which is an indicator that we're approaching the upper limit of what people can afford. 

I can’t really afford a property manager but I’ll try to think of something.  

Other legal protections afforded by the LLC are a bonus, but I fully realize that I can be sued as long as the property is in my name.

One nice thing is that you are in the "sweet spot" as far as liquidity/affordability ($1mm - $1.5mm).

As for physical property, if you live in or near an area that's reasonably affordable,has a good economy (for example if 80% of the town works for one employer you might want to stay away from there) and has fair laws pertaining to landlord/tenant issues I would look into actual property.

I am starting a new job in several months, and expect my W-2 income to increase >200K and will help me afford repairs easier -- but in the meantime need this property’s costs to stay somewhat manageable.

The barrier to entry is the purchase price, down payment needed and affordability of the monthly mortgage payments.