One really does need to be careful about putting all their eggs into one basket.  

I think the lender will probably require it I would be shocked if they dont.Also as you mention HML can really eat you up especially the rates in NJ PA and NY not so bad west coast were experienced folks can get 1 and 7 and only pay on drawn funds.. 

It is embarrassing how these people teach complete horse crap and people like you EAT-It-UP!

We really need to make sure the second deal is a smart one as it will eat up most of our reserves. 

Condos and townhomes are nice but HOA fees eat into your profit. 

The ENTIRE mentality here is wrong.Listen carefully and hoe you and everyone else here understands this.Consider this.I have 15 kids, 4 dogs, 300 chickens, 3 wifes (that don't know about eachother), an uber eats job, and 35 dollars to my name.

There will be tenant turnover, which will eat into returns."

Yes the high entry point for syndications is not only a barrier for those with less capital but also a big chunk to put in one egg.

I have zero experience, but my wife and I eat out a lot???"

Be wary of hard money loans; they can be pricey, often around 12% interest for newer, which can quickly eat into your profits and also require a high down payment.