If you have a portfolio/properties take a pay cut but REI will not be the shiny ticket out. 

I’m thinking maybe I don’t need to worry so much about accounting for maintenance & capex in the first couple years since a lot of those big-ticket items are brand new/recently upgraded?

Assuming the area you do arbitrage in is not a seasonal area and have demand year round with maybe some fluctuation.

I'd like to set up something that gives us an alert if someone is at a vacant property after-hours and to determine if a home is occupied without paying someone an hour round trip to find out (for the rare default situations).  

Neighborhoods on the shores of Lake Travis, in Round Rock and in Driftwood are among the hottest housing markets in the Austin area. 

Went to school 20 miles from the Canadian boarder where it was regularly -20 degrees in the winter, and we'd still rather be .2 miles from the bars & well over a mile walk/ drive from the actual school.I do see a lot of first time investors thinking that student housing is going to be their passive golden ticket, but quickly realize how much work it really is.

Transfer money between business and personal infrequently and in round numbers.- Once it looks like you are going to clear $50k for the year - after everything is deducted!

Real estate will not be your magic ticket out.

I'm all for seeing others get away from the rat race and have the grit to fight and create their own success story.

The other options you are playing with fire as using a HELOC that is paying interest is essentially buying with 100% financing.Having no skin in the game has always been a high risk strategy and people were able to get away with it the past few years due to the money supply and inflation but I would not use that as the measuring stick.