That said, I occasionally look at RE near Texas State, and the duplex we own is actually a few blocks from UTMB in Galveston.

That is precisely what I wish to avoid because I've heard of it happening occasionally with self-directed IRAs when one doesn't plan properly in advance.

From my experience (limited to about a dozen properties tested) lead paint isn't in the drywall paint, but may be in trim paint (windows and doors) and occasionally in siding paint a few layers down.

Here is my reasoning and my regrets or lack thereof. 1) A weekly rental in Florida- Used this occasionally until I got married- wife didn't like it and I was losing money on it so I sold it for an overall small profit. 18 months later it was worth 60% more then dropped to below what I paid for it in 1999.

I get unsolicited letters, postcards and the occasional phone call from naive buyers.

Even finding multis is a challenge, occasionally a wholesaler will have a multi deal at a networking event, and there are realtors who specialize in finding properties for investors, but you have to dig deep to find them, the average real estate agent wants nothing to do with investors. 

I would also like to do the occasional flip to help provide additional capital to put towards future purchases of buy and hold properties.

I have read about Warren Buffet and occasionally read his Share Holder's report, very interesting stuff.

There will always be that occasional item you have to sign off on.

Taxes, Insurance and an occasional door repair are the only expenses....The sooner the rent flows the less cost to you.