But I prefer to own the real  estate. 

It’s definitely possible to get an ok return the DIY route if you’re keeping up with all the latest FB tweaks and find some good marketing groups to bounce ideas off, but with all things REI, it’s always a choice between time and money, right?.

@Mike Ackley there's a lot of personal choice in that line of thought but I think I can advance the ball a little. 

Do you prefer a steady schedule and steady income or do you prefer a flexible schedule and a shot at big money (and big dry spells)?

@Jay BedsworthA Solo 401k is generally a better choice than an IRA as long as you are eligible.

My wife and I plan on using the property so selfishly, I'd prefer a vacation rental over a traditional rental in another city. 

I'm an out of state investor so I'd prefer minimal rehab/repairs.

I would prefer that I never collected a late fee because that extra $50 or so is not worth the time involved in collecting the late rent.

Why not be a passive partner in a syndicated deal where you can get 7-8% preferred return and then share in the upside as well?

Perhaps buying from a wholesaler isn't the best choice for your first property.