He is Trading to generate $15,000 a month. 

You probably have to generate your own distressed lead sources to get better deals...or invest in the future....in my experience rents in DFW have come up...so maybe your first year is a bit negative, year 2 you get another $50/rent....and as long as you keep up the property and do upgrades on vacancies, and don't just never put money in it and drive it into the ground, value should go up. 

I really would like to have rental properties because of the passive income it generates.

I do think Airbnb has effected all real estate prices for this very reason: buyers of single family homes are no longer just assessing the comps of other sales, but also their ability to generate income from the asset.That being said, most small businesses overall are overvalued.  

An IRA may purchase property and use a mortgage to do so.The mortgage must be non-recourse, meaning no personal guarantee from you.The use of debt-financing within an IRA does incur a small tax known as UDFI, whereby the percentage of the income to the IRA that is generated by the non-IRA (borrowed) money is taxed.  

You also need to stop dreaming about quitting the 9-5, unless you have seven figures of capital there's no way you'll generate cash returns even close to live off of.

When receiving funds from a non-related investor it is important that you have that money in your account for over 60 days (at least the time to generate 2 monthly bank statements).  

Otherwise, you zap your investment account to pay off the debt and then find yourself in the same position down the road.Another thing I would try to do is generate more income.  

The best options I've found are occupied properties in C/D neighborhoods in Sacramento that would generate around 12% COC, but where I likely wouldn't be able to recoup significant capex and where tenants *might not* consider rent their top budgeting priority.

Could they be repaired and be a cash flow generator for your property?