I am interested in investing in something a bit more passive as I am getting older and, while I love the real estate asset class, I do recognize the need for multiple streams of income. 

Meet with brokers and other professionals in different asset classes.

At 7.8%, for an asset class like real estate, you want to be the lender and not the borrower...

If you've got those things you have a good environment for mold. 

If not, I recommend you take some classes before you get yourself into trouble.

This sounds like a class C property based on the numbers so thsoe are typically very high costs that you will incur.

Get your RE license and sell these on marketYou can also use the marketing skills you learn and direct it toward apartments or commercial real estate and jump into that asset class.

That neighborhood has low inventory, but very high rental demand and the tenant class is typically pretty solid.

Will add though, that a good PMC will immediately alert an owner about what their property really is and the expected challenges.Unfortunately, a decent portion of the time we do this, owners either don't want to believe the Evaluation Video we send them or decide to sell.realistic expectations of performance through different asset class's is key to happiness  

I have gotten pretty good with multi-families in low to low-middle class neighborhoods.