So if youre ditching the 50% rule and go with 40% and 32%, are you trying to supplement the loss of cash flow by appreciation?

But because price to earnings was so steep (even Pre-COVID), real estate actually came to have a natural edge over the more liquid securities markets.

The city is great, but what I always come back to is the nature and the weather.

It is imply the nature of some properties.  

The downside is SE tax.If it is merely an investment in nature, and does not rise to the level of a trade or business, it is ordinary, portfolio income. 

The heat is natural gas with cast iron radiators throughout the house.  

I recently dealt with a buyers agent who just did not understand the binding nature of the contract terms, despite my best efforts to explain it including the specific line and item numbers from the contract.

Another nondescript commercial strip nearby has a coffee roaster & that's proved very popular so a bake shop next door was a natural addition. 

I have always had an interest in real estate and finance so after graduating with a bachelor degree in Finance it was only natural for me to be even more intrigued with all that real estate has to offer.

Based of your brief description of your scenario and preferences, I would say that BRRR, especially out of state, is not the right play for you as it will certainly be one of the more time intensive options.Syndication by it's nature is a partnership with someone who has sweat equity.