If I am putting $65,000 in the game, I would want to see a bigger cash on cash return.  

And in 10-15 years it’ll be game over with all your collected equity, meaning multi millions.

And while your long term plans are to ultimately open your own brokerage, you can "get into the game" by doing something that has proven to be very successful to me in my years of investing, and that is sending offers to owners directly.

I'm not initially looking to compete with anyone with establishe DM advertising.

Welcome to the game!

Laura,You can establish self-directed IRA or truly self-directed Solo 401k, and use those funds to buy investment property. 

Hi BP community - Has anyone done the legwork of establishing their own single member LLC for their self-directed IRA?   

Lots of wealthy foreigners have speculatively driven NY real estate prices unnaturally high because they want to own a "piece of America"...investing in places like NY is more of a big game hunt for status rather than actually investing to generate passive income...And investing in houses is a fools game in general.

They have more skin in the game then you do.Make sure you get clear title.

Go all out and play the risk game alongside others who have a low cost portfolio to keep them afloat if disaster strikes?