Biggest issue is not ownership its making sure to find good renters
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That rings true from everything I’ve heard from friends who have real estate investments like yours.
The 20% return sounds about right, given that you need that kind of yield to justify your personal time, effort and financial commitment that is inherent in owning real properties. REITs are just passive investments but the yields can be fairly generous, and of course there is the possibility for additional capital gains if the total portfolio increases in value. Liquidity is another advantage of REITs — if the market cooperates. :)
REITs like Camden can be bought and sold like stock. Lower rates of return than a buy a house below market rates, fix up and rent out, but you can sell it ASAP to pay emergency bills or settle legal matters. Real estate sold in those conditions is called a bargain.