Here's how I do my due diligence:1) Portfolio matching: (takes 30 seconds per deal)a) Have an educated opinion on where I think we are in the real estate cycles (financial and physical market cycles)b) Then and only then do I pick the strategies, capital stack, and specialized asset subclasses that make sense for that opinion.

Anyone that invests should be diving into asset protection and utilizing the strategies we have to protect our properties.

I've learned so much from both of those books as they explain the process and each one provides just a slightly different approach.Book 1 is the current strategy I employ in my investing activities and It can be VERY Profitable.Also learn about, and check out the book, Investing in Real Estate with No (and low) Money Down.

I was able to refinance at a $300k valuation but I don't really want to hold these assets.I have the same issue with another 10 unit I own and another 6 unit.You significantly decrease your buyer pool on the exit, in exchange for stronger rental income during the hold.My investment strategy has always been buy, increase property's income, sell for a profit and keep growing but STR/MTR might not be conducive to this strategy. 

Find a different market, and learn different strategies. 

If you can find a property with an ADU and you're willing to live in the ADU, I think that would be the second best strategy here.

I am considering two strategies. 

If the deals have enough fat in them, then I think that this could be a solid strategy, and I would then manage the property for my friend going forward, so that he just receives passive income. 

ROI would all depend on how good of deal you find and your investment strategy.

Everything is relative and your job as an investor is to discover where your personal finances, strengths and weaknesses are and build a strategy based upon those facts.