Purchase price: $278,000 Short term rental.

I own two Short term Rental unitsI own two long term rental units. 

Short answer to your question, I THINK I do.

Long story short, what is the right niche for a cash-paying, real-estate-is-my-hobby-not-my-job, investor too lazy to budge more than 15 minutes from the north side of the Inner Loop?

Do you focus on short term or corporate rentals?

If you're short on time then yes you can find value in training BUT you need the money to execute.

Shortly after, he refinances the property with a 3rd party and uses the $100k proceeds from the new mortgage to extinguish the bank personal loan. 

Similar units in the area typically pull in $500 more per month on a short term basis vs. long termThe seller purchased the house 1 year ago for $210kI’m inclined to offer $265k and see if the owner counters.

After a week of grief, and expenses, I looked over my lease, and cited where my tenant had fallen short of it. 

So, they will want to know that you are serious and in it for the long haul before they start giving you equity in the deal.Honestly, if I was in your position as a new investor with no experience who found an experienced investor to partner with, I would be less focused on how much money I will get paid in the short-term and more so on how I will use the experience I gain to make exponentially more $ in the future.