We purchased a rental house that has a capped natural gas line sticking out of the floor along one of the walls in the kitchen.

Student housing is more difficult to get financed these days due to remote learning, shorter-term leases, and the fleeting nature of students. 

However I like your conservative nature and your friends advice.. stuff happens just does..

population is always growing and land is a natural resource.

Go whichever path you feel most natural to you.

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

You also need to be aware that custodians are passive in nature and simply process transactions at your direction.

This has natural lead to a increase in housing prices.

These are administrative in nature and allowable as someone overseeing the investments of the plan.  

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.