@Bob Malecki nailed one of easiest and most straightforward methods early in the thread, i.e., form a business entity with other experienced note investors, pool your funds and buy some notes.If you want to leverage funds from passive investors who will not be actively involved in the selection and management of assets, the proper way to do it is to form a 506 reg D fund.  

The following is a partial list of things that wear out or become outdated over time and eventually need to be replaced for every property:-Roof-Siding-Hot water tank-Furnace-A/C system-Electrical system-Plumbing system (inside)-Sewer service line-Water service line-Any concrete exposed to the elements (sidewalks/porches)-WindowsIf you calculate the cost of replacing each of those items and divide them by the expected useful life, then sum that up, you'll come up with a monthly amount that you can expect to spend on capex over the long term.

how are the plumbing, electrical and HVAC?  

I haven't seen that too much on the forums as a method of finding areas to buy. 

Of course, I will also file legal methods to remove them, but it can take awhile. 

Just be careful or just don't do it to eliminate this risk.As for the money with your parents, if they haven't said "yes you can borrow that when you need to replace the plumbing in two of your units", then I wouldn't count on it.

I did use a contractor to help out with some of the major repairs (42 windows, brand new plumbing, new hardwood floors, and converting from radiators to central air) the rest I did myself so I got exposure to working with contractors and truly understanding what kind of work is involved and what some of the costs in a rehab might be and how to survey a property for needed repairs.

Personally, I didn't use his method, but I have sent it to a couple friends to get them jacked up about real estate. 

Figure out how to pay off all the credit card debt you just racked up when you haven't made a single dollar with their "method."

I learned that the property has hardwood refinished floors, new windows, a new roof, and new plumbing, even though I took a look inside the property and could have known that myself had it not been the first property I ever looked at inside and if I wasn't so focused on the age of the home itself..