The cashflow earned from collecting rent is nothing compared to the profit from appreciation plus annual rent increases.

The lead generating website will earn income when a business partner back home converts leads into buys.

I like that our partners can earn good by doing good...affordable housing is a blessing for those who receive it and provides great returns to those who invest in it.

I mean it's funds you can't live off of until retirement but I am much happier controlling and earning much greater returns than I was in a stranded 401k plan.You definitely want to go the full LLC route so you can have checkbook control at your local bank rather than having to go through the self directed IRA company to make all the purchases.

Also buy your figures I would think there are smaller units.I might consider to increase the square footage on a few of the units to increase their rental income potential.I would not do the deal unless you are sure the value of the total monies you will end up paying is strongly supported by the current market value of comparable properties in the area, but then again if you can truly get the job done in 4 months time is on you side just remember "Murphy's law".I am just thinking these properties were just sitting there all boarded up simply earning nothing in the first place.To my mind the price your going to end up paying on a per unit bases is what I would expect to pay for bran spanking new construction based on my estimated square footage of each unit which I base on your expected rent per unit of $800.00/mo. 

$X dollars per month will earn $Y amount of equity annually and over the remaining life of the loan.  

Many, but not ALL are only focused on the commissions he/ she will earn and not focused, on your best interests.

If that's the case, you should feel good about buying only if you feel good about needing to sell when you want to move.But if the numbers work, assuming two paying tenants, and you'd be earning whatever return you are aiming for, then it makes sense.  

I'm new to real estate, and plan on purchasing a rental property within the next year or two with the intent on buying and holding it to earn passive income.

If you invested $55k in a portfolio earning a healthy 8% compound interest, you'd get to $1M in just under 40 years.