I'm just simply saying that based on this post you knew about it prior to closing and didn't disclose. 

I don't like the model of using institutional money or LOC simply because I don't want to personally guarantee the funds.

If you are eligible to set up a Self-directed Solo 401k (i.e. self-employed with no full-time w2 employees) and you are eligible to withdraw funds from your current employer plan, it would be easier (as well as avoid mandatory 20% withholding for taxable distribution from your current employer 401k) to simply process a direct rollover/trustee-to-trustee transfer from your existing 401k plan to your solo 401k. 

In many syndications this person is simply paid a fee or a portion of the GP and can be one of your passive investors.

@Terri Haley - do you only use simply safe for water heater leak protection, or also for security? 

If he simply called and asked the answer is always no.

Is there anyone who would simply say "never again" to property management, and always hire it out?

Some of the best deal makers I know simply use a "how can I help you" approach. 

We're at the point now where we've saved so much I feel like I could simply purchase a house cash if it's cheap enough.There are a few neighborhoods in the area where houses can go for $150k-$250k great for military tenants. 

@Kelsey Mortimore I’m doing a mixture of both, trying to keep some cash in reserve but also staying active and still doing some deals here and there to keep some money at work and especially keep a pulse on what’s happening in the market.For your first investment though, I believe the best time to start is “now”, at any point in the market cycle, simply because you have to live somewhere and there is a lot of virtue in just getting started and getting over the “first deal” hump, overcoming “analysis paralysis” etc.I’d recommend taking some time to “digest” your first deal though and acclimate to all the joys and responsibilities of house ownership, before rushing on to the next one.