I will be the only owner.

Nice thing here is property maintenance/expenses is turned over to the tenant/owner and you're out of the landlord game, but still get monthly income.  

For the properties that are normal and make sense to purchase, the current owner in default, as time to lose property gets more closer, gets desperate and ends up finding a way to get current.  

Do that for a year or two and then help that owner buy another and you take a cut in the deal maybe in exchange for management. 

Since it did not work out to sell with agent, was thinking about trying the for sale by owner approach, but wanted to reach out to see if anyone had any advice on pros and cons, and any guidance. 

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.

As someone else stated, once you own a property in SC your property taxes will be about triple that of an owner occupied person!

Another option is to do the BRRRR method, buying a distressed property from a wholesaler, direct to owner or even MLS sometimes, fix it up and force appreciation and then refinance all your money out. 

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

As an investment property owner, this means less maintenance and fewer unexpected expenses from storm related damage, often resulting in more affordable insurance premiums, less wear & tear on mechanical equipment, roofing materials or exterior surfaces.