More definition is better than less to avoid surprises to both of you.

When getting estimates for rehab always add at least an extra $5000-10000 to what they say because surprises can happen. 

I started looking on zillow, and to my surprise, I see several of 2BR listed for low 30K's (as compared to $200K for a triplex).I am looking for buy, rent and hold and am not counting on appreciation.

Maybe you can get a LOC and save some money on closing costs.You mentioned that you were surprised that "They want leases on ALL of my properties, two years tax returns.... geez.

@Aaron Xie - all good advice above.IMHO-I'd lend out a portion to local investors as a private/hard money lender secured by a note and mortgage and never go above 65% LTV.The rest I'd leverage to pick up several SFH here in Indianapolis and maybe a small commercial unit as well.I'm surprised you mentioned a few out of State locations when you already live in one [if not the best] areas to invest on the planet!

I am little surprised at the rents the Triplex is pulling.I bought a Duplex in SE Houston back in September, I had to put 25% down.

I really like the HUD's from the stand point it is always a surprise when you walk in the door.

In fact, right now I am checking my email from a space ship… I was a bit surprised that my wireless is working so well.

As inflation gets out of control in the next year or so, I would be surprised if we don't see double digit interest rates again.

We are surprised to find out that the tenant had been there for 20 years.