If it did flood though, I personally would steer clear.

I personally am interested in creating a long-term rental portfolio but I'd be interested in hearing any strategy, ie. house flipping, short term rentals etc.

It's not a personal sale between you and your son, but rather a sale from one LLC to another.

Another benefit is it is much easier to diversify into multiple markets, asset classes and operators.Just wanted to share an alternative - often active investing is the way to go, but it really depends on the person and it is important to know that there are passive ways to accomplish your financial goals.Good luck!

Juggling between work and personal life can be tough, but having a property manager can take some of the pressure off and let you focus on your other priorities

But I don't know your personal situation and all the financial details. 

Simplify the structure as much as possible, have clear roles and responsibilities that are not overlapping (meaning only one person is allowed to make certain decisions) and a clearly defined exit plan.

I would start close to where you live personally. 

The drawback is you need to build trust and relationships upfront.Both have their place, but private money tends to offer more flexibility, while hard money is more structured and accessible if you lack personal connections.

The idea of debt-free is that if a person is going to retire and has to completely depend on the income, they don't want a severe recession surprising them and causing them to default on the debt and losing the properties.In a normal world, I would do that as well.