My experience is those have been in short supply since beginning of time. 

I wanted to see if anyone has experience with or owns any properties with knob and tube wiring and what I should do.

I used to cold call, skip trace, send mailers, and don't get me wrong you will get success from it like James above, however as you gain experience you will realize you need deals faster, easier, cheaper, and with more "meat on the bones" and in order to have that you need constant deals flowing through your eco system and that's hard to do with mailers, cold calls, VA's and skip tracing etc.

Quote from @Burke Atkerson: With over a decade of real estate investing experience and over 100 flips, I now provide private money & hard money loans.

But I would remain open to long-term rental as an option as this seems like a more stable option in terms of income, again this may be my inexperience talking.However, I have always  been somewhat risk averse and investing in real estate is always a big venture, in my opinion/experience, in terms of capital.

You'll likely need a higher down payment if you can find anyone willing to finance something like this as a first time investor; many require some level of rehab experience at the very least.

I have the credit, experience and the knowledge on how to underwrite the deal to show their ROI in this arrangement vs a traditional sale. 

With 20 years experience managing my sfr and as a property manager for a broker and a bank, this switch into ABNB has been a learning experience.  

Right now, I am not as interested in investing as I am in helping another investor in order to get some hands-on experience while my wife and I save a little bit more money.

Here is my list of the most dangerous real estate related investments for the “non professional” investor lacking direct knowledge  and experience in these investments 1.