*Number 2 seems like it will possibly bring in more cashflow (once all the numbers have been sufficiently crunched), but again making huge amounts of cash isn't my immediate goal.

I agree with him that cash-flow alone is not sufficient.

The key if you use someone small is to make sure they have vast experience they are just no frills with the business.They were in an out in under and hour with 2 people doing it.

-I constructed my team to consist of the cream of the crop Property Management Team in Dallas, a partner that owns and operates 200M in Real Estate, and I moved to the city that I invest so that I can submerge myself in the market... super check.I don't think that the credibility and experience I've amassed is anything special, but I do think that it sufficient enough to entice warm traffic for a conversation about investing with us..By warm traffic I mean family and friends who have consistently asked that I let them know when I get a deal that they'd be able to participate in (and my goodness what a deal this is). 

The vast majority of the condo conversions we've done have been largely, seller financed.

If these numbers are in the ballpark, you have sufficient cash to buy 4 more similar properties, and increase your annual net income to ~$80K (that offers a lot more breathing room).Since you purchased your properties 2-3 years ago, I'm assuming you have very LOW rates on your notes; and therefore, I would not be in a rush to pay down these loans.

As a retirement plan, the Solo 401(k) is vastly superior, with significantly higher contribution capacity, the ability to make Roth contributions of up to $18K per year with no income limitations, etc.Depending on your ability to contribute, and therefore how quickly you can amass some working capital, you may choose to start with a fully self-directed Solo 401(k) or you may choose to establish a low-cost brokerage Solo 401(k) that would be limited to investing in stocks, funds, etc. for the near term.  

The whole thing would be fascinating, the honey is likely delicious and if you can get somebody to film the whole process, you've got an amazing show on your hands.The renovations after the bees are gone will be incredibly messy and the vast majority of the drywall, if not all of it, is going to have to go.  

Recording the option should sufficiently cloud title, which protects their interest against you going rogue and selling the property after pocketing their payment.

@Matt Swearingen The reason the notice and eviction route is not chosen by the vast majority of landlords when dealing with late payments is due primarily to the fear that they may actually end up having to evict.