You will need to provide an explanation of the circumstances surrounding the BK every time you apply for credit, apply for a job, apply for a bank account, etc.Bottom line is if you’re working day labor type jobs for small companies and live on a cash basis it might not affect anything.  

Wouldn't hurt to consult a tax pro just to make sure there isn't a more tax effective strategy but I don't think lending provides any tax shelter.

Its a niche market but once you are good at it it comes easily. 

There is the tactical "act" of underwriting, then there is the much more valuable "art" of underwriting.The act can easily be taught.  

If it is someone you know you can give them a straight return as if its a loan - can provide a lower interest rate to provide upside - it really depends on the lender and what are they concerned with and what is their risk profile. 

Ive asked them to provide Renter's Insurance.

You can easily do this on a spreadsheet and it will take less time to track than find and learn a new software.

Eminent domain does not work that easily or simply. 

Found T&H realty services to be pretty interesting as they provide both buyer brokerage service (to help me find deals) as well as do property management i.e. they are not full turnkey provider necessarily, but reduces some of the hassle for me I guess as an out of state investor. 

Gas-meter-gas provider.