I manage my own portfolio and have worked as a PM for a very successful individual but have never considered managing other peoples properties.

There's no step by step guide but there are key things : Learn: RE strategies, what interests you, what do people in your area need.Connect: find a mentor, accountability group and be around those doing what you want to do.Help: solve problems- do people need dealflow, property mgmt, construction expertise, etc. 

Things just require more ongoing expenses percentage wise out of state because you have to pay people to do everything for you and you will have a longer time building relationships with vendors even when getting decent referrals. 

Communication is easy people.

A4: If you pay as “friends and family” – then yes, need 1099s.Q5: I only need to send 1099s to people, not to LLCs, right?

Overall i am pretty sure that you and I are in agreement - people usually underestimate the expenses, so it is always good to err on the side of having more reserve.

I think others have given you great advice.For most people I say go to some meetup groups for a year. 

At the sale, some people, who it must be presumed did not look at the property and there were several bidders. 

(Ok I get it that its 2024 and people smoke weed).

This is a self directed RRSP or TFSA account that allows you to lend your money out to people with the backing of their mortgage for a high interest rate. 1st, 2nd, 3rd mortgages, down payments, refinances, flipping or renovation money.