Do I use the residual land calculation?  

I'm Darrell from Houston and I am looking to get started in the wonderful, exciting, and from what I hear frustrating world of Real Estate Investing.I am currently in the oil & gas industry and am looking to provide residual and passive income from the intelligent and hard work I put into real estate investing.My main long term goal is to eventually become a developer of luxury apartment complexes.

Just like yourself I'm interested in buying homes renting them creating monthly residual.

I'll run the numbers using the land residual method and if I can get everything tick boxed on my criteria list, make an offer.

I also ripped up the linoleum tiles in the kitchen and found another layer of vinyl floor with a horrible smelling adhesive residue.

Your house appeared to warrant a higher cost flooring than most of my units.One issue to be aware of if the product is still an adhesive glue backed design...it can be subject to movement more than the locking laminate.  

Short term, I would love to learn how to create residual income to help offset the financial commitment of law school. 

The beauty for the Investor is that he starts earning interest immediately upon investment AND the Investor doesn't have to worry about a project not fully funding from the crowd - Fundrise takes an equity position with the residual that wasn't subscribed from the crowd.  

They make a latex mortar for the adhesive, so I'll use latex caulk.

The adhesive must had been 30+ years old and smelled like ammonia.Craigslist it and any other demo you have to do, it will save you tons of time.