I have a friend in commercial real estate securities who says that the large commercial securities is starting to look shakey and residential tends to follow not far behind.I agree that a correction is coming soon, but I do not think that we will have the bottom fall out like we did 8 years ago.

The tenants also probably have a security deposit that you will be on the hook for when they move out. 

There could be some security with the hoa in regards to not getting killed with a sewer line or some other outside expense..old tree falling, earthquake damage. 

Make the entire real estate contract, contingent upon the ability to secure financing.  

I'm also exempt for Social security ( meaning I don't pay into it anymore- so I will not collect much come retirement age).

You are going to need some sophisticated tax and estate planning advice.

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Gross Scheduled Income: $12600Expenses (Maintenance, Management, Taxes, Insurance, Utilities (water & trash paid by owner), Landscaping, Common area electricity, CapEx, Vacancy, Internet for complex, security, etc.): $6400Debt Service (5.5%, 20yrs, 80% of cost): $3700Cashflow: $2500Annual COC: 17%I want to make sure I'm considering everything but also don't want to get stuck in analysis paralysis.

I think a lot of it boils down to, do you want to look at Real Estate as a way to diversify your portfolio into something with more secure returns, or do you want to build a business that acquires and rents properties. 

I have accumulated over half a million through stock securities.