As such, I'll never personally tie myself to something indefinitely unless it continues to prove it's value on regular re-evaluation. 

Other options might be finding a partner who wants to develop the land (if that is possible) and building a regular home to sell or rent when complete.

Thought I would share a little update. 

Meeting him for lunch today and will update my failure again as I learn where I went wrong...:)  If you want to learn some lessons, negotiate with old coverall-wearing landlords!

I also have a regular full time 5days/week job on W2 at company X (single office, no secondary/client locations). 

Hi All, here's a potential deal I would love some opinions on considering a fundamental decision must be made for it to be viable.Triplex currently listed at $127kDown Payment: $31,750Gross Monthly Rent: $1,500 (500 each)Estimated Expenses:Mortgage: $500Property Tax: $80Property Management: (10%) $150Water + Trash: $150Repairs (5%) $75Capital Expense (10%) $150Vacancy (5%) $75Total: $1,180 MonthlyCash on Cash return: $3,840 (About 12% return on investment)Property was built in the 1930's and states "could be rented for higher with work/repairs" Average comp rents seem to be around $600-700If I could rent each unit for $600, updated ROI could be up to around 20%... 

AirBNB is taxed at regular income not passive.   

Click Here to view the full storyBy Jason Bolton – Data Editor, Memphis Business JournalAug 9, 2018, 12:04pm CDT Updated Aug 9, 2018, 1:51pmThe number of people who rented versus owned their housing increased by about 5 percent nationwide from 2006 to 2016.In Memphis, the number of renters increased by more than double that amount — 11 percent — over that same time period, according to an analysis of U.S.

Another thing I failed to mention above is that many people out there are in a safe and secure position e.g. they have a job with a regular paycheck.

Update: Plumber offered to add mixing section and charge me for “materials only”.