Rather, go find yourself a tax attorney or CPA who has expertise in the use of tax-sheltered retirement funds for alternative asset investing. 

My tenants alternative is a motel. 

Alternatively you can basically partner with these tennats who want to sublease and give them a minimum rental amount and/or a percentage of gross rental income from their income because it'll be more water/sewer and wear and tear for you.

More property managers are using deposit alternatives.

There's a ton of natural beauty and protected outdoor spaces here. 

Lastly, I know some of these questions are more tax based in nature than real estate and understand it is nuanced.

Is it natural gas or heating oil? 

There is also another alternative.  

Two schools of thought on diversification ... the alternate to what you describe being what I call the "Mark Twain" portfolio after the author of the quote "Put all your eggs in one basket, and then watch that basket very closely."

Has anyone had success finding any banks/credit unions/alternative lenders that are willing to make high LTV loans (90-95 CLTV) on multi families with prices above $1mm in NYC?