Sure, but even if you hire a property management company, multifamily ownership is not really passive like owning SPY. There is the potential for lots of sleep

Sure, but even if you hire a property management company, multifamily ownership is not really passive like owning SPY. There is the potential for lots of sleepless nights and stress. Also, you may need to contribute capital unexpectedly if repairs are needed or vacancy is higher than expected. The last few years in multifamily are NOT normal. Appreciation and rent growth are not straight lines up and the rough times can be very rough indeed. But, history tells us that if you can hold and maintain a property for at least 7 years, you should not lose money.