As an aside, my laundry pods for the guests and liquid for the turnovers are "free and clear" and have never gotten a complaint.I have had guests break into my owner closets, but oddly never steal (they were kids probably looking for liquor). 

You are completely liquid, don't have to take on the risk of failed deals, vendors/partners that steal from you, or trusting a stranger to manage your properties well.I know that "buy index funds, don't buy real estate" was probably not the take that you came here to get, but that's how I see it in the current market unless you want to be a hands on investor.

I've spoken to a ton who think Pace is a crook. 

@James Wise gonna have to disagree with the "lie cheat steal" concept regarding residents.Any resident has the potential to be less than desirable.

So I am sure they don't want pesky DTR operators stealing their bed and food and alcohol revenue.

People just stealing whatever and whenever they want.

With no structures, there's little to damage and it's not like a defaulting tenant can steal it. 

Someone hacked into my account and was able to change my bank account to theirs and steal $5542 in 3 days. 

Towns in New Jersey can be wildly crooked and will try to assess you for things they missed on prior renovations before you even bought the property, which technically they can do.

Thanks for sharing, the POA to access the original docs is a great idea, and I'm totally stealing it for the future.