There is no simple answer to this question.

It is NOT simple. 

I have very similar views to @Scott TrenchI'm a buy and hold rental investor with a goal of buying 1 to 2 properties a year until I get to $20,000/mo in gross rents.My financial plan is simple and I divide it into different categories:6 months of personal living expenses as cash in the bank.

Be honest.Explain, in brief, simple terms what you do. 

What I am doing, however, is sending each tenant a simple text just asking how they are doing and empathizing.

The reason is simple.

In my area it is a pretty simple process to split one lot into two and costs about $5000 total.

What other things should I consider to make things simple but also protect me from headaches.

I'd suggest hiring an attorney that specializes in property law and not tackling it yourself, but the process as a whole is quite simple.

Key TakeawaysEven a simple understanding of the cash flow basics can improve an investor’s ability to realize profits.There is perhaps one benefit buy and hold investors covet more so than any other: rental property cash flow.Real estate cash flow is a great goal to strive for if you want to realize a passive business strategy.You could argue that there is nothing more investors aspire to achieve in the real estate industry than passive income.