This sewer line runs under 2 of the other subdivided lots that were intended to have houses on them about 400' away and ties into a city main 1 block away from the houseOct 2008 - I purchase the home and everything is great, assuming all is per plan.2010 - Developer sells one of the lots that my sewer runs under to the water district for a future clean water well site. 

I have clients that have these kinds of arrangements, and while it is easier when an org fills your units, you can lose control of maintenance and cleanliness.

Losing $1,300 per month at a minimum doesn't sound amazing, but it completely depends on your financial situation. 

The hard part is actually remaining disciplined to manage that emotion and not losing that conviction when it does get ugly.  

If you own a business that you have no understanding of, how in the world do you expect to not lose? 

In that case, the only way you could lose money is if your property lose value and you have to sell at a capital loss.

A good way to find deals is by connecting with local real estate agents, wholesalers, or checking out sites like Facebook groups and Craigslist.

You'll read a lot about how cash is trash and if you don't invest you're losing money.

In addition, real estate is already tax advantaged, so you’re losing the tax advantages of owning real estate.Personally, I think real estate notes are better suited for self directed IRAs personally because you can get decent returns and notes not held in IRA is not tax advantaged. 

Aside from the risk of taking on the property with tenants, you may also have to purchase site unseen which makes it tough to calculate repair costs.