Another is Circle of Influence...I can offer an investment deal to my friend from college, and he can choose to invest $250k with me, even though he's not an accredited investor. 

 $80000 all cashAll the numbers for vacancy, taxes, and insurance I kept the same except condo has $125 HOA a month to maintain law care and pool maintenance, which I hate.I posted the numbers on the bottom, and I need to know which property would you choose and why?  

If the tenant decides not to exercise his option to buy, the landlord keeps the excess rent as his option fee.When a commercial tenant chooses to exercise his option to buy, he will need a commercial loan.

My wife could choose to get a job if she wants "fun money", but my priority now is freeing myself from the rat race.

Also another piece of advice that i 'd like to offer you is to choose a good title company.  

The loan originator may choose to:1) have the amount of the credit remain the same as stated on the GFE to cover additional closing costs previously not anticipated to be included in the ?

If you were to market, I'd choose a peripheral market that will still have a tourism draw (Ocean City, Brigantine, Avalon, etc).

What I love about this approach is that the people call me and I pick and choose only the deals I like (and refer my turndowns to my competitors for a piece of the profit). 

Personally I did the debt snowball on all my personal debt before starting my REI.Regardless of what you choose good luck to you.

In this range the rental returns are easily 10-12% all cash, and you have a great working class tenant profile.I personally have one rental that is worth over $250k and while the tenants have been awesome, the turnover has been high.So at the end of the day, just try and pick a goal first, and then choose a strategy from there.