We're going to cut our teeth on a single flip and reassess.

The house is stick-built in the 1970's and will be moved be a licensed, bonded and insured contractor with 40 years in the business.

One who sells or buys securities like stocks, bonds. etc.

Today’s Interest Rate: 7.30% (👇 .02% from this time last week, 30-yr mortgage)Mortgage interest rates continue a slow stair-step lower, as the bond market senses inflation easing and anticipates (tries to) the Federal Reserve’s next move.

You might be surprised to learn that some investments we might consider passive, the IRS does not - even things like stocks and bonds. 

Notes are not considered to be "liquid assets" as securities as in a short holding period the note is not turned into its PAR amount or the same discount in a few days, not like stripping coupons from a bond or trading stocks.Dodd-Frank covers the funding at the table aspect, the loans mentioned by the OP are likely going to be covered at some point, residential, owner occupied.

There's W2 income, stocks, bonds, real estate, etc. that can all provide revenue and/or appreciation.  

In San Antonio right now, you can cut your teeth on a new construction SF.

The fact that the question needs to be posed in the first place (along with the fact that you are likely going to get dozens of different answers) underscores a key difference between rental house investing and, say, investing in a publicly traded REIT or a bond. 

You can get better returns, with less risk than a single-tenant NNN (everyone thought pharmacies were safe two years ago), just using termed financial instruments (bonds, cd’s, money markets).