Once you figure out what type of business you want to start the type of property you should buy will become more clear. 

Cuts out 80% of communication and collecting demands with tenants. 

@Elliot Angus  I'm not clear what the opportunity is, are you looking to purchase this property? 

Checks take 2-3 days to clear as well.

I'm based in the Seattle area, but my main real estate focus is in midwest market (Memphis and Detroit) To be clear, I wasn't making as much as you but I was able to put myself in position to leave my W2 . . . for now.

Due to the income earned in the landlord account that goes to the benefit of the client, you should cut the check directly from the account through the bank and do as the law says, hand-deliver or certified mail.

I would do it one time as a good-will gesture, but I would make it clear that he has to handle it from that point forward.

This will be the first year I will be able to deliver to my tax man a really clear, concrete report.

Or where the shades of gray are.But the pattern of intimidation of LPs by GPs is clear.

At a 500-700k budget, I'd look at a 2-4 unit property in places like East Nashville, Colorado Springs, Raleigh-Durham, Richmond, VA, maybe Salt Lake City (though that budget might not cut it there).