Like you pointed out it would take all my time to oversee the project which I wouldn't mind but I would be funding most of the build my self and would have to continue my current job to be able to support that project that would be super advantageous.

Qualifying to refi 3 rentals as a self employed person is proving to be challenging...worst case I evict the tenants and sell them, but I don't want to do that.

It's 15 minutes from my home in an area that I know very well and feel confident about the market conditions.

Being my honest self I said no I do not have an investor yet.

@Sabino Gonzalez , I am not an expert in taxes like @Steven Hamilton II , but here are some thoughts.First I believe a subchapter S is the preferred company to do flips in so you can avoid some of the self employment tax.Next have your friend give the money to your company, he will want a written agreement, then after your you sell the property have your company issue him the check for his share and send him a 1099 showing what you paid him.This shows the expense to him for using his money, and is a deduction for you for your cost.

We’re small multi-family investors who self manage, and when we run the numbers, they actually produce greater net income per square foot than our 2 bedroom units.So, anyone want to jump to my defense here, or am I just crazy and naive?

So then it just becomes a matter of cost, which if you're contemplating making the switch to self employment just make sure that your income supports that expense.

I'm a full time civil engineer and I bought my first rental property in 2012, and have expanded to 7 rental units today which net me about $1200/month (self managed).

A self amortizing loan would would provide an easy solution.

However, if you know you are going to be a real estate investor and be self employed then going to law school is not necessary and will not help increase your income.