I can make spreadsheets work for any of them, but my question is more about the qualitative aspects, given that I have a day job.

The issue with that is the advisor doesn't understand the real estate aspect.

This approach allowed me to take advantage of passive activity losses and the 8582 form, which is crucial for accredited investors investing in private placements.

So that gets to satisfy the social aspect of landlording for me. 

This is a lot like some aspects of the Sub-prime market that went away in 2007.  

I think many Canadians have forgotten that aspect (priced the same but a 20-30% premium due to exchange). 

Even though CA is the largest state there still are 49 other states where people want to live, have jobs and need housing.Who wouldn't multiple offers and sales prices above asking price if you are a seller, but you can make money anywhere there is a demand for real estate.One aspect over looked is taxes. 

Again. any college book store, Personal Finance 101.Understanding Micro Economics 101 will allow you to better understand business, valuations, how goods and services, including real estate is valued and the basis for legal aspects fair consideration, dealing and interests.This type of education is the bone the meat grows on, without it, all you're doing is chewing fat. :)  

All aspects of it related to you not being appreciated in some way by the tenant.

It just seems to me that they are lazy in some aspects and also are shady with the way they handle their business. 2 months in a row, & no payments for the $120 late fee is bogus.