I think that risk spread os a major component to a successful investment portfolio.

I either got paid off and nice return or ended up with property.. had both happen.One of my clients in Oregon is a car dealer and has a large finance component.. they do exactly what you do with the chips in the cars etc.  

@Simon Shih Property management is definitely an important component, but you can also buy the right property that will require less management/maintenance than others.  

In addition to all the great information, networking is a key component.

Based on the info you provided, you might consider doing a lease-option where the lease component is very loose, allowing you to do whatever you want with the property and in return you pay the owner the amount needed to cover mortgage/taxes and you are responsible for everything else.  

It also has the psychological component of letting them know that if they skip out on me I will not hesitate to come after them myself.2.  

My question would be what is considered a component of tangible property?

This kind of interpretation comes from a depth of knowledge of the tax code and years of experience working with IRA plans and related court cases, and piecing together all the variables and interrelated components that impact such structures.This is, arguably, a conservative interpretation.  

This is all public info - you s/b able to visit the tax appraisal district site for the address the property is in, and look up each component (city, county, ISD, hospitals, etc.) of the tax bill.

Realtors with a bad taste for wholesalers generally don't know or understand this component of real estate investing.