Cash is king, and you're in a good position - just be patient, but acquire the knowledge to be ready to pull the trigger when you see a deal.In addition to learning about real estate, knowing the basics of personal finance is worth it's weight in gold.  

Unfortunate  situations can be gold mine to others...i.e There are are some professionals like house lifting companies that made absolute killing do to the EQ.Also engineers and some builders were booked it 12 month ahead of time...Shortage of skilled workers will be an issue.

I know you want to keep it, but, in the words of Austin Powers "I want a solid gold toilet, but its just not in the cards now is it baby".

Let me give you a couple of examples.From 1998 to mid 2002 gold spot prices were less than $300/oz.

I have an engineer that travels across the country for me and does a site inspection, environmental phase 1 study, and a cost reserve stable.The cost reserve stable is where the inspector looks at all mechanicals and other vital systems to the buildings including roofs etc. and then models out based on when they think those items will reach life expectancy and need replacement.

He who has the gold makes the rules, and the banks and insurance companies have all of the gold...If Daniel followed your advice he would not be breaking law - per se, but he would be violating a couple of clauses which opens him and his partners up to liability. 

You may want to think about a tiered structure. 5% for check collecting. 7% for check collecting, and paying other recurring bills like landscaping, or any taxes or utilities the owner pays. 10% may be the "gold" level of service and may include yearly tax assessment evaluation and fighting with the assessor to bring down the assessment if needed.

My other rental can cover a month here and there.The gold nugget in my mind is that after a mere 10 years, I should be able to comfortably take half of the rent and use it to pay down the other rental, my primary residence, or a yet to be purchased property.

I find there's always a gold nuggets of information in each one and I go back to listen to a number of them multiple times.

It is vital that you have a high-level of trust in a relationship and this is a prime example of why you should never take anything on faith.