My goal is to obtain $70,000 in passive income with a long term buy and hold strategy withing the next 10 years.I want to achieve this so that I can comfortably travel the world and gain life experiences, spend more time with friends and family, and pursue any other goals or interests without having to rely on a full time job.

@grayson gist...here's the full article

@Jonathan Greer are you planning to roll into closing with a briefcase full of benjamins?

@Pedro TorresWelcome to BP.I recommend connecting with a property manager in the area to get the full scoop in terms of market rents and vacancy rates.

We have a couple of guys that do it but trysting that they have done a full winterization correctly is another matter. 

I complete the full house sale contract with the addendum, and take a substantial earnest money.I include that the earnest money is non-refundable in the event that the lease expires.

It is now producing great cash flow, and it should gross around 32-35k on the full first year.Lessons learned?

Owner can’t afford the full rehab. 

Or if they are, your purchase & sale agreement should stipulate that any outstanding liens, taxes, fines or fees will be paid in full by the seller at closing.Be sure you're working with a full-time Realtor and you should be OK.Let me know if you have other questions.

I am guessing that I can't use the proceeds to "buy/pay off" properties acquired in full through tax deed sale (past redemption) by an entity controlled by me into my own family trust either?