I am self employed as an early childhood educator and my goal is to generate income from real estate that surpasses my current income so I can go full time in real estate.

I also think it's a great location for renting, given it's access to I24 and employers in the area.

The problem is: if I do this I'll be paying Uncle Sam a lot more in self-employment tax (I'm self-employed).

Headaches from what I can tell she doesn't employ a professional property manager just a business manager not sure how hands on she is.

Another tactic I advise new investors to employ to ferret out the time wasters is to ask to visit the property.

I even heard self employment tax on top of it all.

Maybe even look into buying/selling or flip strategies to build wealth.While I realize what it means to be self-employed as I successfully ran my own IT consulting business for over 10 years (in the past), I really want to know how you spend your time on a daily basis to build your business.

I have a great credit score and employment history, so there shouldn't be any issues with actually getting approved. 

And I'm in a good employment and income area. 

Knob and tube wiring...I have a harder time believing that was just missed, but maybe...That said, if it could have been found I'd complain to whoever employs the inspector I used; not in a "OMG I'm going to sue" way, but in a "I have some concerns about the inspector we used, they missed some pretty obvious problems..." way.