Then offer the people who've been paying the taxes a reasonable amount for their interest or offer to sell them yours..    

Real Estate can't consume my life (yet).

It's actually quite interesting that typically the folks with the most transactions under their belt are the folks that you as a consumer have the least contact with, and the least experienced folks are the ones you have the most contact with.

The minimum rent shall be increased by the annual percentage increase in the United States Bureau of Labor Statistics, Consumer Price Index for Urban Wage Earners and Clerical Workers, Midwest Region All Items, as of October 31 of each year times the prior years annual minimum rent.

This can be plaintiff or defendant in business disputes (partnership breakups), consumer DTPA claims, breach of contract, specific performance, probate (title issues), adverse possession/trespass to try title (quiet title actions for breaks in the chain of title), or suit for declaratory judgement (interpreting a contract or boundary).I am admitted to all TX state courts, and the Federal District Court for the Southern District of Texas. 

I have a pretty high income and relatively little debt (under 15K combined consumer and student loans) so my debt to income is quite good.

However, if the time aspect becomes too consuming, delegate it.

Glenay,I would talk to others who've done it. 

Also, how time consuming do you foresee this property being for you to manage?

.), that can be very time consuming and more technical than the level the passive investor needs.I would start by looking for sponsors, and asking them for investment summaries from previous deals.