Hint: Once you sell a property on a Wrap, it is no longer yours to sell or refinance.So, are you saying "you pay off a property you no longer own" out of pocket?

If everything goes right, this would work out well in the long run for you due to rising rents and property values. 

If you find the right small town area it can work out well.

I know in NYS you have to make less than 80% median income which is like 30-35k/year.I did a quick search, it looks like the numbers probably work out on a duplex in Lakewood or another nicer area of the city (75% or rent covers PITI) on 20 or 25% down. 

There's nothing that prompts inaction like uncertainty (in fact, hinting at demanding a stable 11 cap, one might argue, is a form of effective inaction, since we know how hard that is to find). - Substitute goods.

I strongly recommend getting involved with your local REI meetup groups so you can work out your pitch with help from other landlords.I hope this doesn't come off the wrong way without tone or facial expressions behind it. 

I am trying to find a mentor and have a relationship that I think will work out well.

Figure out a question set that helps dive into their expertise as investor-friendly agents, ask about their experience in the investment real estate space, and have them send you a few properties that could meet your goals to show that they can provide quality properties for your to analyze (hint: this is also good to see if they overpromised on their market [ex - Raleigh for cash flow]).Also with the new lawsuit, any agent that knows what they're doing will require you to sign an agency agreement prior to viewing a home.

If you're worried about the tenant damaging the unit, you can work out a deal with a landlord/tenant judge where they can pay what they can and leave immediately.

As for your lot split I am unsure exactly what you are asking but an early hurdle if you do not own the property outright is to get the lender to agree to the split and work out the details.