Seller decided to back out at the last moment for some arbitrary reason and just didn’t show up to closing to sign the docs.

Take a hard look at your time management.

He bought a home for himself in Lodi California but work in the Bay Area long story short he can’t deal with the commute anymore and decide to stay with a buddy close to work.

Thx for sharing and congrats that is a ton of success, @Eric BilderbackLike all investments there is risk to manage.  

And at the top, you need three key people: an artist (to deliver a great product), a manager (to keep things running smoothly), and an entrepreneur (to drive it forward).

And even if I do not get into the renting business I can make some profit if I decide to sell the property at some point.

Wholesaler that I managed his airbnb.

Having the right manager in small towns is challenging

If you are trying to raise a few hundred thousand to buy another 4-6 unit property, while I would not invest in someone with less than a year experience, I am guessing some of your pilot friends, other friends, or family members may be willing to chip in.Now, if you want to jump from a triplex to 80 units, raising 4-5mm of equity and another 4-5mm in debt, than I would just manage your expectations. 

I am hoping to learn about managing my own property and how to get tenants.