I am contemplating a tenant who is a stranger to our family, but he fits the bill as the quiet, studious type. 

It is about being out in the neighborhood and keeping your eyes and ears peeled. 

I am 25, and been living in DFW area for a little over a year now, and managing an Anytime Fitness.

But I’m willing to wager that with the same amount of effort and cash, you will be able to leverage the experience of professionals, to build something of your own that perfectly fits your financial goals, limits risk to you and your family, and is repeatable if you somehow lost it all just because you chose the “hard” route.

@Roy Cleeves, I have a townhouse and a detached house I dug out of MLS and rentals in same neighborhood. 

It would be more appropriate to lease the land to someone running cattle and paying your IRA rent.So, this transaction likely does not fit well with an IRA.Generally speaking, when the thought process is "I would like to do 'X'. 

It's extremely unlikely you'll see anything that fits the 1/2% rule or 50% rule.

Find out what they're working on and if you can help them out in any way.3) Pick a few neighborhoods in your area that are maybe a little rough but seem to be turning around with some new construction going on.

Are there any tools investors use to select neighborhoods? 

@Buyan Thyagarajan I want it to be in a good enough neighborhood that I can attract decent tenants.