I reconstructed the 2019 shareholder basis which is inequal but noticed a JE to equalize basis by prior CPA.

That way you have tons of applicants and can select the best ones to rent to.People already making lots of cash tend to be interested in equity growth and capital preservation FIRST, tax write down, and cash flow is lower down on the list.People with more limited income tend to buy the low end rentals with limited capital to get started. if you buy 3 crappy rentals for 20k down each just for the sake of diversity then you have 3 losers.

I think U left the OP with the idea that now he is experienced he could raise 3 mil in equity and only pay 6% total apr on those funds..   

In other words, you are behind on your balance sheet.Before you can say, "but I have $50k in equity", I will bring up that same painter's problem.

My networth was negative a few years ago but after this year it jump to over a million (combination of rental properties and personal property increasing in equity)Dave Ramsey is for people who aspire to be debt free.  

I know many small/mid size investors in the Bay Area who have a few million dollars in equity.

The increase in equity (cash input from the tenant's rent and appreciation) is free to the REI since they are NOT the source that pays for them.In addition, as the equity (free) increases, it dilutes the REI's equity contribution too since the free equity has a 1 to 1 ratio of cost to value. 

@Katie Miller$500K would be invested in equities with a total portfolio dividend income target of 5%.$500K would be used to purchase and BRRRR five properties.

part of the reason why we saw a drop in buyers in past few week may be due to downturn in equity market.

@Dan Maciejewski - there will not be much buy-side, built-in equity on this one though.