Grind my teeth and hold on to these properties.

That's a quick way to cut your teeth and learn the ropes while simultaneously giving yourself a place to live.

Active vs passive...I expect to be fairly active as I cut my teeth but hoping that time can be mainly nights and weekends once processes are set up as not cause major conflicts with my W2.

That's a pretty bold prediction, and at least where I am I don't see any evidence whatsoever of that kind of economic collapse. 

If you are using the hard money to only acquire and there is no rehab or anything to INCREASE the value of the property then it almost defeats the whole purpose of this loan product and I would not recommend it whatsoever.

I have two properties there and as a lender myself I haven't seen anything like that whatsoever near a 5.75% range without paying a lot of points upfront.

New landlord cutting my teeth and learning the ropes.

I grind my teeth, sometimes my hair falls out, back of neck is tense and I need massaging often from stress.   

A well-tiled bath will have no problem whatsoever with water intrusion.

It's on a corner at a light with 30k+ vpd and was a former free standing pharmacy.Recently we have been contacted by carwashes, retail, etc, but most are offering to buy... which we don't intend to sell whatsoever.