I currently live in the DFW area and rent a 1 bedroom apartment for around $876 a month, maybe $1000 with water, electricity, internet, etc included; my lease ends at the end of May.

If it has city water, you won't need to test the water.

I think hard money lending would be awesome, I am not at that point yet, but I have worked with several of hard money lenders and I know that if you do hard money lending that you will need a system and guidelines to guide your lending decisions along with enforceable legal documents in case things don’t go as planned you can foreclose and take back the property to recoup your investment.Turn key rentals managed by an honest turn key company could be a good avenue for you but you will need to vet the company and manage the manager.Buying performing notes is also more of a passive investment that could get you maybe an 8-9% return.

Have you created a system to evaluate tenants (think of a scorecard)? 

You need to have systems in place to handle it well and make it a smooth routine.

Hi Tom, I wouldn't say you are dead in the water, and without seeing your tax returns I can only speculate, but a few notes before you assume that you can't get a traditional mortgage... 

So i went in theough the basement, water everywhere dripping from upstairs.

Just curious if anyone has any experience creating their own storm water management plans?

You may also need lawn care, water etc depending on the market

The subcontractor my general contractor hired to do the foundation had 20 yards of concrete poured today (35 degrees all day and part of the concrete is surrounded by a 3inch pool of water - not acceptable at all).