It doesn't matter if you are buy and hold and they are fix and flip or vice versa. 

Many of the concepts used in notes are applicable to RE deals, vice-versa, rent the note, sell off part, retain a future interest, flip it, buy and refi, borrow against it, partner in any of these areas, use it as collateral on another purchase of RE or other assets, lots of things can be done, but you need to understand what is your interest, your money and using other funds as well as being in the business rather than buying for your own investment purposes (investment isn't earning income by trading actively as a dealer), getting creative will usually put you in a position of brokering.And, failed to mention, the barrier to entry is much higher in notes than RE, knowledge wise, to carry it off on your own.

@Kevin CrawfordWhile Property Management and Buying/Selling real estate are related, generally they are two separate specialties in the real estate industry.Property Managers can help represent you in the sale or purchase of real estate, and vice versa.

There could be no better system.The rental business is one in which the tenant understands there are consistent standards and expectations across the board that they adapt to as tenants not vice versa.

Will they let me be the captain of the ship, or micromanage as the owner of the ship?

One investor’s C may be a B in your eyes and vice versa.

Sure they know each other, but first, I have no opportunity to really clean out the place;  There will be a period where the current tenant has a lease and the new one is an unofficial "roommate" or vice versa;  If I found a hole in the wall three months in I wouldn't know if it's caused by whom;  I have 4 units with 6 parking spaces, and that would reduce to 5 for a few weeks;  Plus other issues I haven't thought of that some of you may bring up.Thoughts? 

Although I've never done any house hacking, I'm still used to the idea that when you need to get something done, you just go ahead and do it.In Rural America, you are the captain of your own ship, even if your "ship" is a row boat in a duck pond.

The idea is to get to know, like, and trust them and vice versa.

I find that as we all get older many friends/family become our business relationships and vice versa.