All came about AFTER I was trying to sand some residue that stuck to unfinished hardwood underneath. 

Normally I would sell it in 5 to 7 years due to depreciation but I would probably hold onto this one for residual income.

Always check for smoke residue!

Mehran;Right now my plans are:Year 1 start in the Wholesaling trade banking the majority of the income.Years 2-5 Continue wholesaling and begin to buy and hold properties for residual rental income.Years 5-10 start getting into larger deals with larger residuals.Year 10 and beyond "retire" from my full time job and buy a property once or twice a year to rehab.At least this is my standing plan right now.

My long term goal is basically a career change into a buy-and-hold investor so that I can quit my day job as an attorney and support my family with residual income and have more time for my hobbies (boxing matches and DJing).

I have a 690 credit score, my taxes for last 2 years, show me making $1350 per month, my monthly debts total $200  ( used for DTI / Residual ) , an I hope to have close to $6,000 saved in an account, in the next few months ( for the 6 months of house payments, down payment...likely go FHA and for Earnest money and appraisal ) Thank you so much for everyone's help

There is no smoking going on at that point, just the residual that was absorbed by their clothing, hair, etc.

I want residual income.

He was less than 8 years from the time he sold it (keeping the residual) from the time that check came in. 

You do what you can to LIMIT your exposure to that risk, via identifying and controlling those risks, but there will ALWAYS be some residual risk that you're taking on - with ANY investment.