Both can save time and improve efficiency, depending on how hands-on you want to be. 

It depends!

*Eventually* they will come back, which might be in 2 years or 10 depending on how aggressive the tree and bushes are that are nearby.

I ma here to learn and I will not pick and choose how those lessons are presented to me!  

Yield varies a lot depending on the type of property and location. rental yields for residential property are typically between 4% and 5% per annum.Hope this helps!

Is there a reason you're choosing to build out the building next door as offices?

In a market like KC your $300,000 would get you a $1.2mm purcahse which would be 10-15 units depending on the class and location (could be a bit more or a bit less).

Many investors who are in a similar position in my market (another HCOL/tenant friendly area) choose 1 of 3 options.1.

If you choose not to show up, he would almost certainly be awarded a judgement.Of course, you could choose not to pay the judgement, but then he can send it to a collections agency and your credit score will be trashed.I don't see a scenario here where you get through this cleanly.  

Depending on the market your looking to work in.one way I find is to simply call one of the major title companies and ask to talk to an escrow officer and then ask them what companies does he/she see closing private loans in their market..