What happens if he has a major expense? 

But you can't do that without investors assuming your average guy/gal and I don't think I'm cutout for that and that is a lot more hands on. 

Quote from @Matt Gravil: Monthly rent totals $20,038@Matt Gravil So, at an average rent of ~ $800/property, I'm assuming these are in C/D neighborhoods?

The average price per square foot at $177 makes it an attractive entry point for both new and experienced investors.

However, as curiosity prodded, I looked into the degree that it is prohibitively expensive to consider just filing as a security anyway, irrespective of the pros and cons.Basically, I searched for "what are the costs for registering a security with the SEC" as well as "what are the costs for registering a syndication as a security with the SEC"Most the results produced explained something to the extent that the fee was about 150 bucks per million offered, without any other information on what would validate the explanation that filing a syndication as a security is prohibitively expensive.

I would stay out of really rough areas in expensive cities because those are risky and can be management headaches.

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?

There are great big and smaller cities to invest (Not Nashville -- to expensive)

Certainly not the more expensive and exclusive neighborhoods.  

California where expenses are really high, versus like Ohio (etc), where expenses are really low.Using leverage is always going to make your buying power go further.