Have you thought about this approach or considered a phased plan to build up your portfolio?

@Jeff Ju,you do have some valid points there, let me give you my two cents:1) It does take some time to build up a network of borrowers (or in my case I'm able to tap into my broker's network)2) True, that is why most of my loans are long term (3-5 years) so I have as little down time as possible3 & 4) true, there are some trade offs, private lending is a good way to diversify, I own some real estate but prefer lending inside of my 401k.

They pay for themselves and put money in my pocket to build up a reserve for the next purchase.

So in reality, I've made $142...luckily I have extra cash and was able to make those LOC payments without taking the Prosper money...but I cannot imagine going into my account and transferring the money out of Prosper to my bank every day over a 2-4 week span...unless you "skip" the initial month and let the cash build up...the point...it's tedious as F*&K to manage.

that doesn't seem ideal - i think people should build up a track record before borrowing private money and putting it at risk.  

My goal is to continue to buy 3-4 condos like this one and use the snowball strategy to pay off these condos quickly so I can build up my passive income(ideally $20k+ a year from 1 paid off condo).

You need to both build up cash and also a career.2.  

I'm hoping to start some social media campaigns which are completely unrelated to real estate, but if I build up a sizeable audience over the years, then maybe I can get others to invest with me.

I moved here in Columbus OH from Portland OR and I've build up a solid 7-figure rental portfolio.

So I sat on the sidelines being very impatient.While I looked for deals of 8 units or larger in Wisconsin, Michigan and Indiana I let my cash build up.