Business Plan developed - thoughts?

[Jacob Nunn]

So over the past month, I've been soaking up as much information as I can.  I've read 4 real estate books, watched the BP free course videos, listened daily to the BP podcast, etc.  I'm just trying to build a good foundation.  I knew I wanted to invest in real estate, but I was trying to determine the HOW.  The end goal is to have a substantial amount of passive income as well as build equity, to have additional security for my family in case something were to ever happen to myself or my job.  

After what I have learned to this point, my plan is to invest in single family homes.  I have a decent amount in savings, but I would like to build additional investment capital before I purchase my first single family home.  The way that I am planning on doing this is purchasing and selling vacant land (method mentioned on BP podcast #39 where buying at deep discount).  This will require capital to start purchasing vacant land, but it would be significantly smaller than a down payment on a house.  After doing this for about a year and raising enough capital for a downpayment on a home, I plan on purchasing my first single family home.  I will continue to seek out vacant land opportunities.

For the single family home, I'm shooting for something with 1% rent to purchase price around the $150k mark.  I'd like to self-manage the first rental as a learning experience but would eventually plan to transition to a management company, so the numbers have to make sense to cover this expense.  I would then use the net rental profits from this home towards the down payment for a 2nd rental property (along with proceeds from any vacant land deals).  Based on my projections, I would be able to purchase the 2nd rental after 3 years.

I would then continue to use this plan (saving all rental income towards down payments) to purchase additional single family rentals around a similar price point of $150k.  I'm approximating that I would be able to acquire my goal of 10 rentals by year 10.  At this point, I would use all rent payments to pay down the loan balances of the 10 homes (1 house at a time) with the goal of having all the homes completely paid off by year 20.  

Any thoughts or comments on this plan?  I live in SC.  I'm somewhat conservative from a risk standpoint (especially since I've never invested in real estate to this point), which is why the goal is to eventually own all the rental properties outright.  I would be open to investing in higher rent/higher value homes depending on how everything goes, but this is my plan for now.  Thanks.