So land for commercial would even be ok, even though they are not that similar, but stocks, bonds, or funds are not considered 'like-kind'.

Most financial advisors are only educated on stock and bonds, not "alternative" investments, real estate being one.  

Realtor - try to hire one who is NOT afraid of the 203k, preferably one that is excited about house hacking Lender - hire one with 203k experienceHUD Consultant - lender is ultimately responsible for the selection of themContractor - must meet any local license/registration requirements and has a GL insurance policy; good to hire one that is also bonded; strongly recommend hiring a contractor who has been properly educated on the 203k or has verified experience with the 203k, such as a Certified 203k ContractorYour only as strong as your weakest link ... select your partners wisely. 

How would I differ from a tiny REIT or a rent-secured bond if I owned a bunch of residential properties and outsourced all property management? 

I want to start cutting my teeth in CRE.

The yield between short term government bonds are very close to the long term government bonds.

Had investors been able to buy government backed bonds at say 6% Tesela stock would be valued much lower. 

These prepay payment methods are linked to government bond that match your term.

If you buy in Austin at current levels and we experience a significant recession even on the mild order of 2008 then there will be a lot of nashing of teeth for new investors.  

So, as a simple comparison of 401K’s, you have a pretty good deal.The next consideration would be the selection of bond funds, mutual funds, index funds, etc. that your 401k plan offers.