The payday would be nice, but we would be in the same scenario with another purchase, only this time with our own money. 

That's more doable in terms of the numbers but there are a lot of "if's" before we finally get a payday.

Long term buy and hold where I could get instant equity and refinance or HELOC to have capital for more deals.

Trying to find something to get below market value to have instant equity and that cash flows is hard. 

You appear to be too young to do nothing - and that is great that you have established enough cash flow to take it easy - I don't think I'd trust anyone to look over my properties, I have about 80 units now.I got started when I was 20 years old, I am now 77, and I thought - hell - man - when I get all this passive income I am going to take it easy ------ that doesn't happen - you just get smarter and do bigger deals and make more money.I would suggest that you work smarter - do bigger deals (commercial, land/lots, subdivisions, businesses with real estate, fast assignments and flipping notes)If you really want to step up into a new profession - become an Auctioneer Associates -- this is a great business because your pay-day is 6-7 weeks from the time you do a deal and there are no contingencies or road blocks.An auctioneer associate deals with motivated sellers - they offer fast sale, no commissions or settlement cost.This is a passive business that you can use where every you go in the US.

We'd have millions of industrial sqft almost instantly available if the feds came in.

I think it would a good flip as an option and considering the price and having instant equity it sounds like a win-win situation OR I maybe I can rent it out if I do the lease-to-own and charge $500-600 more than I'm paying in rent now.  

My kids will probably curse at the complexity of it all but if I do it right, they will be instantly retired.

The one thing that makes instant cash flow are trailer parks.

Hey @Timothy Joseph,I haven't seen that one yet, but it's an instant classic!