Money and Time are both in short supply and I'd very much like the freedom to spend mine as I like.

The contract would be supplied by the wholesaler from a number of places such as an attorney who drew up a RE sales contract template (so there are just blanks to fill out so it can be used over and over) to a really simple RE sales form they picked up from Staples.

Determined by drivers like job supply and renter demographics. 

My understanding is that I can create a Private Real Estate Fund MMLLC naming myself as the Manager / General Partner and each member would just file the K-1 I supply.

It's all about supply and demand, and currently there is way less supply than demand.Further, if you end up buying one of these through Hubzu or something (quite common), be prepared to pay a 4.5% buyer premium on top of your purchase price.

My favorite thing is to build shelving into the walls - for example, our stairway to the basement has shelving for cleaning supplies, which we built into the stud space of the walls.

And since we are learning about construction, being able to go after work and measure cabinets for the 4th time, or compare the tile to the grout, or pick up supplies so your expensive contractor doesn't have to waste his time picking out paint colors, flooring, appliance etc... are all things that are easier to do in person.If you have a lot of experience flipping houses, or working construction,  then yes go for it, you can be successful as a long distance landlord. 

.- Roof in critical condition- Lead Pipe for the Water Supply - Mold in Attic/BasementI'm curious to get opinions on the Lead Pipe, but our thinking is that we will just get the water tested.

There's not a lot of obvious buy & hold supply out here.

Just have to figure out what you can and cannot do then figure out if its worth your effort and time on a personal level.. the fact is .. real estate is location , location, location  and supply demand and available credit supply the values.