I always have a well-stocked fridge of beer, tequila, vodka, and even wine!

Maintain control of your rental.

I would be maintaining and designing the site for free.

They handle:Monthly Payment ProcessingEscrow for Taxes and Insurance: They ensure property taxes and insurance are paid, which is essential to protect your interest in the property.Record Keeping: They also maintain records, which can be invaluable if any issues arise during the term of the loan.ConclusionGiven the details of your property and the $200,000 sales price, a possible scenario could look like this:Down Payment: 10% ($20,000)Loan Amount: $180,000Interest Rate: 8%Amortization: 30 yearsMonthly Payment: Approximately $1,320 (principal and interest)Balloon Payment: Due in 5 or 7 years (this allows for refinancing or payoff while giving you some flexibility).These terms are flexible and can be adjusted based on the buyer’s credit, down payment size, and negotiation.

Simply owning some investment real estate does not make one a real estate professional anymore than owning some stock's makes one a Stock Trader....To qualify for real estate professional status (REPS), you must meet the following requirements:50% test: More than half of your personal services must be in real property trades or businesses.750-hour test: You must perform at least 750 hours of services in real property trades or businesses.

In a lot of cases, there was a drainage system installed but it was not properly maintained and therefore doesn't work. 

As you scale up, consider efficient property management through a company, to keep your properties well-maintained and tenants satisfied.

I've since bought five notes, and two private stock offerings.My parents have bought maybe five properties over the years in their SD IRA.

I am managing and maintaining 10 units currently and have been for a little over a year so I am starting to get a feel for things.

With an ARV of $400-425k and an LTV of ~62%, pulling out your initial investment while maintaining positive cash flow around $500 per month sounds like a good strategy.