I want to play this game for the long-term and not looking for short-term returns.My portfolio should benefit from appreciation, depreciation, tax-free cashing-out, leverage using low interest rates (from #1), cashflow to cover the expenses.Syndicate & CF seem to be ruled out since I can't control the asset, cannot leverage it when I want to and there's no collateral on my investment.What is a good way to start?

Katy/Cinco is a solid area with fantastic schools.

However, the tenant just discovered that the "up" button on the control panel doesn't work.

They are also controlled by the government. 

I'm new to real-estate investing and I'm trying to understand the difference between the different forms of investingI want to play this RE game for the long-term and have the portfolio benefit from appreciation, depreciation, tax-free cashing-out, leverage using low interest rates, cashflow to cover the expenses.Here's my understanding of eachDirect RE- Full ownership / control of when to sell- Can leverage & deleverage as you want- Work involved to maintain property; But can hire a property manager to assist- Can provide cashflow to cover expenses + CoC return- Provides hard collateral / security for the money you put in- Tax benefits - depreciation, phantom appreciation, interest deduction Majority Partnership- Form partnership where you are majority owner with 2+ other people (with more capital input) - Can provide benefits of direct RE on controlSyndication- Passive investor / accredited - Less work- Access to commercial RE which you can't get otherwise- No security / collateral for your stake; Can loose everything- No different from investing in a business- Already leveraged returns; You don't control how asset is structured- Depreciation benefit passed through K1; But no benefit of 1031Crowdfunding- Low minimums- Already leveraged returns- Can be equity or debt based; Equity stake has some tax benefits through K1- No security / collateral and everything can disappear without recourseIs this correct? 

Do others see this and other measures like rent control as opportunities to invest as this may scare away other investors leaving more properties available?

@Colleen Ross Fantastic!

Another issue here is that the controls for heat and a/c or only located in my unit and the 3x2.I know this sounds messy but I have no doubt I will find a way to make it work.

Which is the way to go, pay less in taxes, and control yourself. 

College towns can be fantastic as long as the university is thriving.