I chose to down down the "Passive" path originally because I was too busy at work to do anything on the side and almost 13 years later it's still proving to be the right path for me.My suggestion is to consider whether you want to be "Active" or "Passive" and then explore the paths that exist down whichever makes sense for you.And, to answer one of your questions, you do not need to be an Accredited Investor to participate in some syndications (some allow Accredited Investors only while other allow Accredited and Sophisticated Investors).On a final note, I would be happy to help you on the Passive side in terms of questions, etc.

It really makes sense ( or decide you just want to collect rent checks)We are having a local meet up in Buffalo and we would love to have you come join us we could talk about this deal.http://www.eventbrite.com/e/western-new-york-biggerpockets-meetup-tickets-10206841939Also, I see you work at a bank may I ask which one?

What I would like to know is can I then owner finance it out to someone else and collect the difference on my terms?

"Landlord Insurance" can mean a lot of different things, from a simple property policy to a sophisticated business policy.

Now he just collects a check every month and gets a rather steep discount on ground beef. 

You can determine an estimate of ARV from the data you are collecting plus driving by.Without seeing the interior I just estimate the worse case scenario.

Property managers, investors, & anyone else who can help.I am looking for a recommendation for a collection agency here in the state of Louisiana, specifically the Baton Rouge/LSU area, to turn over our delinquent accounts for collection.If any of you can offer a recommendation, I would greatly appreciate it.

And then you will be able to find the deals yourself plus collect commissions when you buy. 

You allow the contractor to build and collect a fee.  

Average annual rent collected in last 4 years = $30597/yr,  Taxes & Insurance $2620/yr, $ 8065 utilities/yr I have no money therefore I can't do this deal, I would need 100% financing.