The person leaving the trailer there is just to store it there.

Personally, I find BTRs to be more predictable with fewer ongoing maintenance issues, and they tend to attract high-quality tenants.

And what if the one person you didn't check has a criminal background, has collections, and more?

Managing five rentals can eat up a ton of time in any given week, often at times that are inconvenient to you and your personal interests (family, hobbies, travel, etc.).Of course you can manage on your own.

There is an amount that you can distribute from an IRA account to purchase a personal residence.You then might be able to turn the personal residence into an investment property.Best of luck.

I had the initial call with a PadSplit sales person, but I wanted to talk to somebody who's actually doing it to get their perspective and advice.

One of them I have used personally. 

There are many here in my local area and your area is likely to have the same type of meetings.Most of the deals that I fund are by meeting investors in person at these groups and creating strong relationships. 

@Kris Lou Many factors go into PMC pricing:1) Locality (city/state)2) Neighborhood & Property Class (time to manage Class A < Class B < Class C < Class D)3) Property condition (slumlord properties hard to manage)4) Number of units (some economies of scale, but not as much as owners think)5) Owner expectations (some owners really want a personal assistant!)

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.