Quote from @Tim Blanchard: Quote from @John Underwood: How many properties do you have?

Lot of the properties got pulled.

So, renting out my property seems like a good start.

Consider how your property would do as a LTR and underwrite those numbers (worst, middle and best case).I am very happy with my investment but it has been a lot of work and many challenges managing it from California.

Cash invested: $15,000 Renovated a commercial property close to college campus for a podcast/youtube studio.

Buy a property, find a tenant, collect rent every month. 

I disagree, I had a time when my name and the name on the insurance didn't match and the lender was all over it, regardless of the on-time payments.Your best bet is to refi into a commercial loan that allows the LLC (if you've already purchased the property), or close directly with a commercial loan / DSCR loan.

Looking at some properties around there and it seems to be the norm to have a cesspool in a few towns (WW, Coventry, NK/SK)Any immediate watchouts or gotchyas / red flags?

This is the perfect situation for this.A third question would be, "is this his only property, and if not, are the other properties also paid off?". 

I currently have my previous home for rent but the property was unfortunately trashed by the Tenant.