Definitely changed the way I see real estate, business and it helped shatter my limiting beliefs at that time.

Indeed every month of vacancy is 8.3% loss in annual rental income.

Maintain a decent cash reserves to cover vacancies, maintenance, CapEx, and mortgage payments encase of total income loss.  

I believe that will limit your pool dramatically, as there are many VR owners who don't want the hassle of personally managing their property.#2 - You're never going to filter out every scam artist in the world, if they're really determined.  

And like others have said, I very strongly doubt there will be any appreciation in these parts, so you definitely want cash flow, unless you just want massive losses to try to write off on your taxes ;)

If you claim money loss, IRS will want to know about your deductions and why you are not making profit. 

. Ownership of property that is held in the name of a limited liability company (LLC) or partnership where the borrower(s) have an individual or combined ownership in the LLC or partnership of 25% or more, regardless of the entity (or borrower) that is the obligor on the mortgage. Ownership of a property that is held in the name of an LLC or partnership where the borrower(s) have an individual or combinedownership in the LLC or partnership of less than 25% and the financing is in the name of the borrower. Ownership of a manufactured home and the land on which it is situated that is titled as real propertyType of Property Ownership NOT to include in Financed Property Count: Ownership of commercial real estate. Ownership of a multifamily property consisting of more than four dwelling units. Joint or total ownership of a property that is held in the name of a corporation or S-corporation, even if the borrower is the owner of the corporation and the financing is in the name of the corporation or S-corporation. Ownership in a timeshare. Ownership of a vacant (residential) lot. Ownership of a property that is held in the name of an LLC or partnership where the borrower(s) have an individual or combined ownership in the LLC or partnership of less than 25% and the financing is in the name of the LLC or partnership. Ownership of a manufactured home on a leasehold estate not titled as real property (chattel lien on the home).

The longer it sits the more damage will be done by mold, bugs, weather to the property and most likely resulting in a loss in value.

So my schedule is pretty limited, but most of the work I do is actually researching and phone calls, which I am perfectly able to do from home.

I think your goals are attainable, but with limited capital, you will likely need a few partners as you mentioned.