The only way for you to truly make money on this property is through appreciation, which is essentially gambling, but a lot more work. 

It's a gamble I suppose however these types of tenants can be big problems.

I believe there are plenty of careers that provide high levels of personal satisfaction and are not part of the so-called rat race.If you find yourself in 'job hell' there are several avenues out, none of which involve gambling your time and money on building a business which statistics say will probably fail.Living below your means is a tried and true method of building wealth.

With that I will stay away from trying to catch smoke and label "whats best" and instead keep to the simple of pointing out some poisonous ones.The 1st simple on is yes, you NEED an entity of some kind, doing business without a company structure of some kind is literally gambling with everything you have ever amassed because it is all available for the taking.

You need to talk to a lawyer regarding your options.Your best option may be to deposit it into a off shore account, Cayman Islands comes to mind.

My offshore assistants do all this & more for around $4/hrThey can do everything remotely or they know who to contact to visit the house in person.

I am not saying no one should have these things I certainly do.My point was if someone is just starting out in the bizz they do not need to pay thousands of dollars for course's that will talk about all sorts of different strategies, Land Trusts. off shore entities  etc etc.A RE attorney  in your state or state were your working for a few billable hours will give you all the info that you would need to get started.And I guess I have been very fortunate I have done quite a bit of RE over the last 40 years and other than business litigation IE  stuff that is covered by E and O or minor partners taking a shot at us..

Unless they are turn-key costs, I wouldn't gamble especially at that price point.

I decided it is time to jump in with both feet and get started.I have spent the last 17 years in Corporate America (Strategy & Operations) both on and off shore, however I recently decided to branch-off and explore my capabilities in Real Estate.My goals are ultimately to flip homes, however I would like to start in the wholesaling arena and I am open to any person(s) willing to assist me in starting-up.I am seeking a mentor-type individual in the Fort Worth (Keller) area that would be willing to let me tag along with a process to experience the processes first-hand.

I work in Information Technology and with the acceleration of jobs going off shore in my field and with companies bringing in landed resources from abroad to work IT in the States I am not sure if I can last that long.My plan is to buy and hold multi-family homes and small apartment building's.