HML these days do have buy and hold products @Aaron Klatt  in the 7 to 8% range..Visio is one they are out of TExas   LIma One has some too they are out of Charlotte.but just because its hard money you still have to qualify just like a bank loan .. these are fico driven and equity and ability to operate driven just like any loan.

Just like any business, you can't operate at a loss long term.

So if you want a (potential) high payout somewhere in the future, than core markets such as LA/NY/SF etc will be good markets for you.

I, of course, went out to Memphis and examined their operation before I invested. 

TD Ameritrade and Shwab will open such accounts.We have many clients just operating out of either a bank or brokerage, and some that have both types of accounts within the LLC.

I am not concerned about age of building...it's really all about location and the opportunity for value add and increase the net operating income.

And when I did my bathroom floor I used this as a guide:  .https://www.younghouselove.com/operation-stencil-the-subfloor/ .

Welcome to BP Miami is a very expensive and competitive market it will be hard to operate with no money.

All in, we both have 75K a piece in the property.This family member decided they would prefer to cash out, and let me take over rental property operations. 

There is an hours requirement but also it states that you MUST spend more time on REI than any other activities(s) A read a tax case not too long ago where a surgeon tried to qualify because he self managed his whole portfolio, yadda yadda...Ultimately the IRS said you're in the Operating room for 10 hours a day 6 days a week.