Any upside or downsides I'm missing?

However, I was advised to create an LLC and visit the branch in Florida in-person to make the account for the LLC to conduct bank transactions online.The downside to that is, recently I found out that my country (Trinidad and Tobago) is on a blacklist and several banks aren't allowed to conduct transactions with my country.

Under the best circumstances my quick math puts you nearly $700 in the red each month.If your biggest concern is the electrical, why would you assume you can fix/replace everything yourself for only $10k?

@David James your friend is taking the biggest bulk of the risk in IMO.

My biggest concerns are always foundation issues, or a bad layout that can't be easily fixed. 

I am 100% certain my biggest obstacle is finding or hearing about properties before they hit the market.

Biggest advice is that you get educated on the restrictions put on SDIRAs with respect to UBIT and UDFI.

One of the biggest landlords in my city uses this technique and he has made tens of thousands of dollars in extra income by doing this.

Your 40k is at the bank the whole time, and there is no downside.My point is - the banker does this ALL DAY LONG - he never says 'no' to this type of deal which is highly favorable for him with no downside risk. 

My biggest cost would likely be medical insurance, food being the second, quarterly tax payments, normal bills for the home.Is anyone here living off their rental properties?