Track all of the expenses and income that you are responsible for in some sort of report that you can review regularly with people you trust and try to reduce expenses and increase income.  

They could rent out an investment property to a regular tenant but they wouldn't be guaranteed 100% vacancy and a responsible party to look after the property. 

Currently looking for CARPENTERS, ELECTRICIANS, PLUMBERS, ROOFERS, DEMOLITION MEN, WROUGHT IRON WELDERS, TUCK POINTING / SIDING, PAINTERS, GRANITE, CONCRETE, IN GROUND POOL PERSON, CLEANING/DETAILING PERSON, ROOFERS (regular and wood) and possibly some others I'm missing.  

I highly recommend you check out some different markets and providers before you call it a wash.

@Brad Fausett Well, I think regular property inspections and getting a lawyer on the case as soon as issues emerged might have helped the situation.

This is an easy answer for me, since in a way, I start over on a regular basis.If I had nothing, and this includes no knowledge, I would start by:1 - learning: A - How money works, B - How to analyze markets (as in zipcodes), and how to then find Micro-Markets2 - Then, I would develop a plan of investing based on the two Core Knowledge Bases above.3 - Next, I find my money, as in cash partners and credit partners, all to be implemented on a project by project basis.4 - Now, I camp out in the market(s) I found in step 1, and invest following the plan I developed in Step 2

I would have visited the apartment building more regularly and kept a list of which units were being repaired and re-rented.

Was he b.s.ing or is there some kind of knowledge I have yet to learn about first mortgages?

Seems like this could be a challenge getting $550/months tenants to mow regularly.

@Nathan Waters This sounds more like a syndication than a regular old JV that you could print off legal zoom.