After you'll exhausted yourself trying to make this work (possible, but not likely), I suggest:#2 - Use this experience to motivate you to get serious about your investing, buy your own properties independent of this past situation and don't let this happen to your own children. 

Instead, you need to determine the individual expenses based on actual expenses on that property if possible, or estimates that are derived from experience to that market (an experienced property manager may know if you do not) and/or validated with independent research.Finally, cash flow does not equal profit.

Thank you all for replying to my question :) Its great to have similar minded people with the same goals on been financial independent!

I also have a pending one in Las Vegas (it's in escrow) and another active one in Independence Missouri (that's kind of far though).

A REALTOR in almost all cases is an independent contractor, and therefore not given a salary, benefits, or required office hours.

However, as my wife and I move closer to financial independence, I'm wondering if it might not be better to develop the land ourselves, and build new construction that would be rental income producing.  

@Brandon AddisonAs an independent contractor, you are self-employed and should have the option to establish a Solo 401k.This would be true if you receive your compensation from your client(s) directly and it is reported using form 1099-MISC.A solo 401k can be established by sole-proprietors, LLC's Corporations, etc., so long as it is an owner-only business with no full time employees.

Has anyone invested independently?

I've been in this business for 10 years and looking for financial independence and to become self employed. 

I'd like to get into rentals, single or multifamily, and my goal is financial independence in about 10 years.