We negotiated a favorable deal by assessing the needed renovations and offering $60,000 to secure it quickly.

I still need to learn to control my emotions better. 

I’m looking forward to starting this journey and securing financial freedom for my family for years to come! 

Personal loan secured by the property: Same deal, no verbiage that I see making it appear that this is personally guaranteed3.

My plan is to read about 10 books on the subject and engage with others in the real estate community over the next six months, all while working on building a strong credit score to secure my first loan.In the meantime, I’d love to hear your advice!

That is an entirely different thing.A distressed property is a circumstance.Motivation is an emotional response to a circumstance.Tall grass, tons of mailers on the floor—these are circumstances.

The PM is still responsible for giving you any monies owed from rent and/or security deposits.

DSCR Loans only available when property is fully finished and turnkey, however you might want to look into a lender that offers ground-up construction loans and DSCR.Also - be careful around the modular home / quick property types since these mortgage loans typically have to be secured by foundational real estate, so anything that can be moved or not fully foundational is probably a no-go (can't foreclose/protect the investment as a lender)

We work transaction-based deals with a commercial portfolio loan secured against our assets. 

It is properly called ordinary business income and is taxed at the same rate as your W2 income, PLUS 15% self-employment tax which is Social Security + Medicare.