There is a BP podcast where Brad Dantonio talks about his financial independence while owning only 5 units!

We're all able to pursue our REI because of people like you who serve and protect our right to live with liberty and independence!  

I didn't feel comfortable working in this survival-oriented environment (the bottom rung of Maslow's hierarchy of needs), but I had a hungry mortgage to feed every month.Those times made me yearn for financial independence where I would more than cover my living expenses with investment income and not have to be concerned with the price of gasoline or the chip industry's "book to bill" ratio.

Did you get an independent appraisal, or did you just take the word of the borrower?

We just cleared our school loan debt and are working towards the ultimate goal of Financial Independence.

However, my goal is long term hold, use profits to pay all expenses and pay off loan with said profits within 12  years so that I can produce exceptional cash flow to allow me to become financial independent within 12-15 years.  

Also see if you can find some other people in Cleveland to give you independent references on both the property and the PM.

And yes, the independent evaluations done by real estate professionals not otherwise connected with a deal who live and work in the area are very valuable, especially for newer investors.

I have an LLC but he is independent. 

Again, my wife and I have done some of our own independent research on this to give us broad ideas about cost of materials, and guesstimates as to labor.