I contacted several but not everyone didn't answer the phone.So, my question is, how many lenders do you contact? 

The best initial cash flow markets are so because they are perceived to be high risk and/or low RE appreciation/rent growth.  

There will be risks in anything worth while, so continue to mitigate your risk by finding a simple property you can force appreciation (cosmetics).

The property I own has several units and they usually have people in there only on certain days/hours of the week (most are occupied by small ministries).

That was really helpful in terms of understanding the risk profiles.However, my case seems a bit different than posts I've found - initial real estate investor, not doing a 1031 exchange. 

Looks like Detroit is a pretty popular answer here...at the risk of being redundant...I'll jump on the bandwagon..In Detroit's defense, it is consistently ranked the #1 cash flow market in the country, so it's kinda inevitable.I'm pretty biased towards Metro Detroit for obvious reasons lol.

Explore ways to balance your real estate portfolio and mitigate risks by exploring different property types or locations.Exit Strategy: Have a clear exit strategy in mind.

Should people buy index funds if they are risk averse?

These could be terms that end up insulating you from risks that the majority of the market could be affected by.For example, I am co-sponsor of a multifamily investment right now that is assuming debt at 3.64% fixed-rate interest with a loan term lasting for 8 more years. 

What are the primary benefits and potential risks associated with this approach?