So if your interest payment is $1000 then the servicer automatically ACH debits your account that plus the servicing fee (assuming you set up automatic payments as @Christian Ehlers suggests).

You can probably find some around DFW in some of the outer cities for around $250,000, so 1031 the ones with the most equity into more properties with chances for more appreciation.One thing I would suggest is not to buy NEW from the big production builders. 

Instead of putting your whole venture at risk through a single partner, I suggest you build a team of employees and develop solid succession planning.

Any insight from those who have done this or those that suggest we don't take this approach would be appreciated.

.$140k offer8% interest rate20% down8% management fee5% vacancy5% maintenance 5% cap exI haven't gotten insurance costs yet but it's been suggested that I plan for $2k per year. 

If you know of anyone that would be an ideal fit for this role, please encourage them to apply.We're looking at designing a mobile experience that will, in the long run, offer:1) Networking and Community features as powerful as Reddit or LinkedIn2) Educational/News features as powerful as the WSJ or NYT applications3) Market and Deal Finding Capabilities as powerful as Redfin, Zillow, or Realtor.com4) Portfolio Analysis, Property Management, and Wealth Management capabilities.If you have any additional suggestions or features that you'd love to see in our next mobile app, please post here, or message me directly.

Since you mentioned that you are getting started, I highly suggest you house-hack (this is how I got started in Costa Mesa, Orange County).

I’d really appreciate any insights or suggestions!

I’d also love market suggestions and ideas regarding how to connect with others in the REI space outside of the events that BP holds.

The interest rate is 7%, so we suggest this property is for someone who wants to get into Lease Options and meets the other requirements such as adequate reserves and credit.That means, they buy the property, they wind up with $50,000 in equity and they do a Lease Option to a buyer who doesn't currently own a house, but wants to.