They are essentially risk free, as they are government bonds.

Some states may not fully recognize or conform to federal provisions.

STRs also make for a convenient scapegoat for the government when they need to divert attention away from their own policies that make adding more housing units more expensive/time consuming. 

MFH carries all of the emotional issues and local governance that tends to favor tenants over landlords because you're dealing with "people's homes", not an investment property.

Most halfway houses and similar stay solvent through donations, government grants and insurance billing.

With a diverse background that spans over 14 years in business ownership, sales, marketing, media, and business development, I'm eager to bring my skills and experience into the BiggerPockets community.Before diving into real estate, I spent 16 years in IT with the federal government, and I'm also a proud Air Force wartime veteran.

A unit of government?

There are specific rules for 1031 exchanges including:The replacement property must be identified within 45 days of transferring the relinquished property.The replacement property must be received within 180 days after the transfer of the relinquished property or the due date of the taxpayer's tax return, whichever is earlier.Special rules apply for exchanges between related parties (defined in § 267(b) or 707(b)(1)).Real property located in the United States and real property located outside the United States are not considered property of like kind.Cost Segregation StudiesA Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

A bad area on the other side of town that unexpectedly moved into my neighborhood after federal law enforcement decided it was time for a crack down on gangs, who just relocated to my hood.A bullet through my bedroom window.A drive-by shooting 1 block over that I only woke up to at 4am after hearing a woman screaming outside her house.A friend managing similar properties across town clubbed on the head as he stopped by to collect rent, waking up hours later in the stairwell, pockets emptied. 

There are numerous state and federal laws related to buying and selling mortgage notes as well as originating mortgages/contract for deeds etc.You have Dodd Frank as well as numerous other consumer protection laws that you have to deal with.