That's based on my limited research and I think that consistent with what you are suggesting focusing on private pay residents. 

@Brad Ruttenberg - another important component.... consistency and persistence. 

But if you are patient, and consistent with what you are doing to find off market properties, one will come along eventually.

You just need to set goals, market and be consistent. 

My broker refuses to sign the CDA even though I am a 100% agent, do not owe him money, have consistently paid my $99 monthly dues.

@Nick Macklin For loans with a single lender, it is up to 4 residential units plus a business unit per pg 3-5 in VA Lenders Handbook Chapter 3.However in the case of a joint loan, VA Lenders Handbook Chapter 7 clearly states: "If a property is to be owned by two or more eligible veterans, it may consist of four family units and one business unit, plus one additional unit for each veteran participating in the ownership.

I have rented out just a single room in the past and here was my experience: In the summer months we were consistently above 80% occupancy. 

Be very consistent with your marketing, you can't just call or mail once and then give up because of no response. 

The model portfolios would instead be highly concentrated in real estate, mainly consisting of public’s REIT’s and real estate etfs.

Unless your just paying cash and not planning on financing.. can be tough for foreigners and rates are higher which means returns are lower.you may want to consider NOTES instead of the asset safer and more consistent income..