I chose this strategy for the same reasons you mentioned; cashflow, creative financing, and being the big fish property manager in a small pond.

There is an order you need to use for cash and debt that allows you to use the same cash over and over...and starting out with debt, although it seems like a way to stretch your cash, in fact only stretches the use of your cash one time.Look at this as a dance...the "Hokie, Pokie".  

I am a small fish but I'm always happy to share what I have learned about the Joliet market.

You want to be fishing in a pond where no one else is, and once stuff hits MLS, you will be competing with too many people in order to get a great deal.If you have capital, direct marketing is definitely the way to go.  

Also -- it's fine to get leads from your brokerage (giving a man a fish), but learning to fish yourself is invaluable!

My Internet Security friend who retired from 35 years with Petrobras, called me last night and he wants me to sell my houses and farm in Macae and move outside of Joao Pessoa to raise shrimp and fish with him.

Sounds like you're fishing in the wrong pond.

Regarding the value of my time, I can cut back on my fishing, biking, napping for 5 hours a month without much impact. 

You should accept that and move on.Yes, you could tell them it's a business and to not call you on your cell phone at 10pm to tell you the rent will be two days late because their new baby is teething and they haven't found a job and how was your fishing trip and by the way the toilet isn't flushing and the neighbors are letting their leaves blow into our yard. 

While frustrating, if a seller is firm on price, usually time is the key, and even then only if seller really wants to sell, as some sellers are just fishing for a certain price or will keep the investment.