Hi @Brian Slater, if you're an accredited investor you have another option.

Additionally, since you are earning a good wage you qualify as accredited investor.  

Here are some other things that could go wrong which may cause failures:Unknown necessary repairs (i.e. sewer lines, roof, etc)Not having cash reserves to cover vacancies / major repairsUptick of crime / vandalism in neighborhoodVandalism of propertyInfestations (pests, other)Bad tenants / No tenants / tenant family issue impacting stay (i.e. death, divorce)Rezoning of school districts / Loss of accreditation of school district Insufficient Property Management (not addressing tenants concerns, no notification of repairs timely - causing further damage, etc)Not following market pricing on rental / raising rent to frequently or too much at onceLegal issues (i.e. tenants sue for injuries on property, taxation, etc) I think you get the idea.

It's mostly laws and regulations so would highly suggest buying a book (I got the one from Gold Coast) and just attending whatever accredited school that falls in your budget.

A few friends who is not accredited investor would like to go in with me by relying on my analysis.

Hi Eric, I know you said you'd like to own the properties outright for your out of state investing you might want to also consider syndications if you qualify as accredited investor.

And on a side note to this question, do you have to be an "accredited investor " in order to invest a "large" amount of money.  

Maybe more than ever listen, learn and if you are an accredited investor, look into value add syndication deals with experts who have been through various cycles.  

The kids are home schooled so they're always home.We had a leak which we took care of, but still not much of a difference in the bill. 

Are the SEC laws regarding raising capital applicable if raising from accredited investors vs non accredited?