I certainly expect to make mistakes, but hope to minimize through mentorship from others, and what knowledge I have gained through appraisal experience. 

So it’s in your best interest to maximize profits in the rental property and minimize profits in the property management company

The fact that so many of these posts are from people who've never (or minimally) posted before and they are overselling it, even to the point of offering to pay for your first month, is suspicious. 

One thing I discovered recently is they make heavy use of the Schedule E from your tax return, so if you clean up your Schedule E (eg by minimizing repairs and maximizing CapEx and accelerated depreciation), you should be in much better shape.  

Most cases with Hard money it is temporary financing with minimal standard guidelines.

I've tried to buy decent properties in decent neighborhoods to minimize my risk, which also means there's not a TON of monthly cashflow, but I'm in it for the long haul and really truly looking for passive income or at least as passive as it can be. 

I understand that a rental listing will not generate as much as a sale would, but I think a minimal standard should exist (especially since I plan to buy properties in the future).

I now have 10 rental houses, am looking to move to small apartment buildings and am a basic member at Lifestyles Unlimited, which I also find to be worth the minimal membership fee.  

I’m just saying do not minimize what he is making.

I believe that this approach minimizes downside by exploring the numerous currently for sale opportunities with assumable mortgages.