Some operations were offering free housing, so they could bill for the testing.  

What areas of Indiana are you going to operate in?

Point #3 as mentioned is less passive then #1 & #2 it will come down to your confidence in your operators ability to execute.If you decide to take on #4 this will take quite a bit of your time.

I will be running the operation out of my real estate office, so no need to budget for overhead there.

I get paid fairly well, $90,000+ annual salary but I'm just exhausted with the hours, nights, weekends and holidays and stress from daily operations. 

Just to be a pain in the butt, they could file a complaint against you claiming you're operating as a broker without a license (I've had this exact complaint filed against me in the states of Washington, Oregon, and Colorado.

Any business related expense that is allowed for a rental activity operating within an LLC is also allowed for the individual who owns and operates the rentals in his/her own name.  

I am currently working as a Senior Operations Manager in Transportation.With a plethora of information and available on the internet I am struggling to find the best place to focus my efforts and get started. 

In the RECF space it is mostly hands off for the investor and the day to day involvement of the project is done by the operator. 

I think they are also operating in Texas.