Here's my take:Property Management is more closely related to automotive manufacturing than what people naturally think of when they hear "Real Estate."  

The After Repair Value of the property must naturally be more than the cost of any liens and the cost to renovate so they get their money back.3.

But nope I just put the tips on my site LOL. .It really is amazing what is 2nd nature to me/us that others do not know.

Pay-to-play is somewhat true because when you join a good coaching program, which is an active community, and surround yourself with fellow investors who are actively looking for deals, opportunities will naturally cross your desk.

I am curious about this nature of the business as I build my REI business.

I was in a situation similar to yours and I have a duplex corner unit with a natural basement egress and tall enough ceilings.

I would maybe explore refinancing your current primary residence with an FHA and see how much liquid you can extract.

You'll need to provide Entity Docs for each LLC that is a part of the transaction so that the underwriters can review them all the way down to the natural individuals/warm bodies. 

To do that, as long as you don't hit any of the standard tests (just google "material participation tests" to find the 7 tests), you are passive, and you can offset that income with your other passive losses.It will all come down to the nature of your involvement. 

In the past I got houses that were move in ready so I did inspections as natural course.