But waiting for an extended period of time could also result in a higher interest rate so it will be a calculated risk.

Part of me says heck yeah have someone pay the note and cash out in a year or so but the risk is high. 

BUT if it does well you will most likely make much more money in the next 10 years compared to RE It would take less money but would take a huge amount of time and additional risk

It may also be a great asset protection tool for those in high-risk professions like doctors.

In 50-100k increments to diversify your risk.

I had a pretty decent amount of equity and am looking for a market that will allow me to spread my risk over several units.

The risk is too high with newbies.  4.

I have an opportunity to invest in an El Paso deal and I wonder if there are any special risks I should consider.

That means that our options are either to let the lease expire naturally, or to evict the tenant for violating the lease for smoking pot inside / covering smoke detectors and risk having them become a tenant at sufferance or destroying the property.

Right, but I don’t want to evict and risk property damage or for them to become a tenant at sufferance living for free for 6 months.