I’m doing more due diligence on the rehab costs.Are there gotchas from a legal perspective?

I was in the military, moved into a career in technology and healthcare and have recently transitioned into management consulting.I'm interested in investing in long term buy and hold 2-4 unit properties, possibly shifting to small apartment complexes in time but for now my goals are to 1.) buy 2-4 properties a year to diversify my investments in a vehicle that will outperform the S&P and 2.) have a good mix of appreciating and cash flow assetsI found Bigger Pockets by listening to Paula Pant's podcast, Afford anything but not everything. 

Thank you all for providing different perspectives and encouragement. 

Why might J and David have these differing perspectives?

From the property manager perspective, a lot of those rules make me very nervous.

Anything lower just becomes tough to justify.The secondary and tertiary markets will have a bit more favorable cap rates, but obviously the market isnt as great.Thanks Jake, appreciate the perspective.

It's funny to see the perspective from the other side.

From a tax perspective, notes with their total lack of tax advantages are far more simple than real estate.

From a macro perspective you see it in the suburbs with folks getting priced out of certain areas (like Troy), moving to places like Royal Oak and Ferndale until those get too pricey, and now moving to areas like Hazel park and Hamtramck.On the other side you have downtown seeing massive corporate investment, and rents/housing prices are rising quickly.

They have big kids and work night shifts so, for them sleeping one day and one night it's a must.