If the answer is not a resounding yes I take a minute and re-evaluate what I am doing.Once you have for some people 7 figure wealth and others 8 figure wealth you let off the gas and start enjoying more fruits of your labor as you get older and time becomes more and more precious. ( Dust in the wind ) song is very real (not another minute will your dollars buy).

So in theory it can't be a LTR if we move out someday, but a lease naming a tenant as "manager" probably gets around that.I've thought a bunch about how to improve the property's cash flow, and there's lots of marketing and operational low-hanging fruit before we get to capital improvements. 

They go after the low hanging fruit and what's given to them.

Another commenter has already pointed out that your deal scenario would be putting most of your eggs in one basket, which is a risk you need to consider.

Suppose you go to the store today and the basket of groceries you need costs $100.

From 1990 to 1998 I wasn't included in real estate business, I was a self-employed entity for fruitful deals and advertising organization that advanced and sold some items.

Surrounded by fresh produce from vegetable and fruit farms - famous for their Pueblo Chilies. 

This is enough for you to see the fruits of your labor, get excited, and continue your journey.  

I'm not putting all my eggs in this basket, but it's interesting to think about and discuss.

And to Bob's point above, your risk is much more diversified among many assets (rather than all your eggs in one basket).Now for those who work Non-Performing Notes, there's obviously nothing wrong with that.