My investment goals are two-fold:1) Generate a 10% yearly cashflow to support my lifestyle (200K/year on 2M capital invested)2) Be a relatively passive investor, as my time is much better leveraged doing technology (which is my passion and expertise) versus actively managing real estate.With all the great options you guys are presenting, there definitely seems to be a continuum along both of those options.With a syndicate, I wouldn't be getting the same returns as owning a property outright, but it's much more passive (sort of like being an LP in a VC fund to use an analogy to the tech world). 

Lots of great feedback to fold into my assumptions and analysis (about lawn/snow, higher maintenance and CAPEX for lower priced properties, etc...).

I understand that there are many different reasons that a property may go into one of the above categories but come on, they all can't be locked up in some weird note issue by a lender that has folded or was foreclosed without proper process.

The time that you front-load into ensuring the deal/property is the highest quality possible is returned an hundred-fold in smooth management and minimal repairs.

@Charles Wiegert  You will get many opinions on this subjectIt's really a two fold question.1.

Know when to fold and when to hold.

I'm looking for someone that can do a plain #10 windowless envelope with the persons address and my return address on it, standard forever stamp (no the bulk stamp or print), with a customized letter for each recipient folded up and stuffed into the envelope with matching address.

@Karen Griffith the specific wording of the FHA manual is two fold:  1. 

Otherwise it is too easy to fold the company, pay out the money to another entity, and all that the lender is left with is a guarantee by a defunct entity.

There will be more layoffs, more bankruptcies, more companies fold, and more money printed than at any time in history.The stimulus was just a quick run out to get everything they wanted politically in one quick swoop, all while making Americans feel it was all in their best interest, and giving them false hope that Uncle Sam is coming to the rescue.This is "Politics 101"While unfortunate, It is my honest opinion that we can not rebuild all of this until it completely burns down.