I'd prefer a small business.

There is a case for buying well-located solid assets that produce immediate current cash flow at reasonable leverage. 

The average homeowner is estimated to be underinsured by 40% based on replacement costs and that doesn't include the interior contents and assets, many of which are in the multi and even mega millions.

So this is some kind of communal organization - there is a "mentor" at the top, and a bunch of "mentees" who do work for each other/for the mentor.Hopefully the asset is all in your name and your name only. 

Focus on strategies that align with your needs, like turnkey properties, build-to-rent options, or small multifamily buildings, especially if you prefer less hands-on management.

Most owners are local and therefore “hot” money or out of area players are not yet chasing Pittsburgh assets, keeping prices favorable.References United States Census Bureauhttp://www.cmu.edu/news/stories/archives/2017/august/economic-impact-report.htmlMarcus & Millichap 2017 Multifamily Investment Forecast2017 Commercial Real Estate Trends Report by Integra Realty Resourceshttp://www.pittsburghmagazine.com/Pittsburgh-Magazine/September-2017/Staying-CMU-All-Eyes-on-Carnegie-Mellons-Future/http://www.nextpittsburgh.com/features/pittsburgh-developments-watch-2017/

I prefer graduate students whenever possible because they don't have time for partying, are of legal age anyway, and generally tend to be by themselves or with a partner so it's more like renting to a couple.

But this way you have appreciating assets paying off your appreciating asset.

This gives much better diversification protection across geographies, asset types, strategies, investment subclasses etc. versus putting all the eggs into one basket.The downside is that it's not for everyone, and a person has to be comfortable with turning over control to someone else.

When a syndicator noted recently that due to 8 degree temps in ATL, THREE of their assets were wracked by frozen pipes bursting, it caused me a little alarm, a little worry---and then I went back to watching TV.