Hopefully, Will, you get a better property management company in Indianapolis and at a minimum are able to get a time period of consistency with your investing and are able to catch your breath.  

You live and breath real-estate. 

I do both, and I would say that you might be wasting your breath while you friend is getting those kind of returns.

I would just never hold my breath on counting on any future appreciation from them...

I take a deep breath and ask the question, "How much?".  

If the thought of the debt really bothers you, make sure that you get the properties at a 20% discount, this will give you some breathing room in case there is a slight downturn in rent or sale prices in your area.

Take a deep breath!

I've hired contractors to do work in my personal residence, and even if you are breathing over them the whole time, they just don't deliver.

So those of us busy professionals who barely have time to breathe have absolutely no desire nor time  to start sending out direct mailings, driving for dollars, searching the MLS all day, dealing with contractors, dealing with tenants, etc. ....

I am trying to do initial filtering with 1% rule or test in Texas and virtually nothing meets it.