If you're trying to supplement your current income and get funds immediately, it's not the best strategy.

Here you're hoping for appreciation and the fact that you've put such a large down payment on the property the majority of the rent is actually going towards the principal versus interest.IMO there's pros and cons to both strategies... one is very effective if you wish to build wealth and a passive income, the other is a good strategy to have if you already HAVE wealth and want to supplement it with a passive income.

I am also getting my real estate license to help supplement our income and to help with our investment goals.

We do have other marketing vehicles that are supplements to the direct mail- text messages and RVM totaling an additional 3k... but they all point back to a letter we sent someone.

Can I do an umbrella policy without doing a traditional policy or are they supplemental policies?

It took a little digging, but what I found was that his main concern was setting up long term income stream to supplement his wife's social security.Maybe it's the exception and not the rule, but I never would have known if I hadn.t taken a little time to sound him out.

There are some great replies in here already but I would also want to suggest the use of virtual management software as a supplement to traditional management as well.There are some powerful software tools out there that essential manage all of those units from your computer screen (collect rent, process maintenance tickets).

Then, after that convo, simply partner up with someone who can supplement the areas you're lacking. 

My goal is to create supplemental income through REI. 

If they're able to walk upstairs, they're able to handle your house.I ask this partly because I'm 64 years old, facing 65 real soon (and if I get one more advertisement for Medicare supplementation in the mail I'll throw up) and I'm managing my own two story 3/2.5 house just fine (along with 16 rental properties, including doing the yard work in empty rentals).