That is to create passive income, be my own boss, not have my son spend more time at daycare then at home because I have to work, retire early, travel and to overall obtain financial freedom!

Since rent wasn't paid, you're in default on your lease and can be taken to court for back rent and related fees.When an owner declares bankruptcy, the court has a decide how to pay the debts and which assets will be liquidated.

If you are looking for sellers, consider a campaign to Seniors with Low Financial Stability Scores (FSS)If you are looking for buyers, consider a campaign to high income renters and high FSS.

I would rather wait and save up more money to put down so as to create a cushion making things more financially feasable for myself but knowing people they will always do what they are going to do.

I'd like to give them a lot of the equity so that they're incentivized to keep the property up in exchange for financial help with the downpayment and for a lower management fee.

One thing that I read/hear again and again is that going into buy and hold, you really do want a larger financial cushion. 

I don't have time but I do have financial resources. 

What does that mean - it means that you can take all the classes you need to be a successful investor, manager, financial planner, ethics and legal reasoning etc with the only penalty being you get a grade less than desired and of course you are spending for college.

You want to build your investments on a stable foundation, you can not do that with bad debt pulling you down.Additionally to be a successful investor you must be financially highly structured.

Like many others, I've been looking for additional avenues in which to gain financial independence so that I might have more time to spend with my growing family.