Raising equity, learning to become a property manager and fund manager simultaneously, and balancing the risk between asset allocation, core returns, and density of portfolio. 

Usually fully stabilized, institutional class, in core markets, with very low leverage. 

Both are becoming very accessible in terms of transportation and sought after as people not able to afford the prices in the core cities.

Thanks Maria,The core issue I was trying to get at is that properties in the Bay Area generally don't cash flow well (as opposed to other markets, e.g., the Midwest).Given the cost of owning a property here, is it net-net better to just rent, or buy a multi-family and live in 1 unit (i.e., house-hack)?

So in New York the pharmacy could be 12 million in urban core versus 6 million in Austin, Texas.

@Ryan A Shumaker, a lot will also depend on the nature of the project and market.Is it a value-add, core plus, core, etc.Often people confuse the preferred return for cash distributions during the hold period (which may or may not be the case) and I always try to clarify that for the newer investors to set the proper expectations.

Let's set the tone straight; most people don't get into the rental business because they like to manage problematic tenants, deal with leaky toilets or attend eviction hearings.Most people follow traditional investment strategies, that are taught to be passive, but that in reality are far from passive for the great majority of investors.At the very core, most people begin in therental business because they believe in the fundamentals of investing and desire to create some level of freedom and passive income to supplement their current income, and at the same time would like to have some sort of control over their investment.There is nothing wrong with this, and i certainly wouldn’t want to discourage anyone from buying rental houses, if that’s what you really want to do.

@Courtney King their main site is http://www.in.gov/core/

COREE is a group (paid) that has monthly meetings and weekly breakout meetings for members.  

I like that you are looking in secondary markets for the cash-flow, and staying out of the core areas!