What is the size of the lot? 

You are gainfully employed, so that biweekly paycheck should not be discounted in its ability to help you weather scenarios.

He's employed me to list 4 private bedrooms on AirBnB, and to develop a way to automate the rental system. 

Unfortunately, the expenses are still variable and are always unexpected is such properties - the price of a roof, hot water heater, or air-conditioning compressor replacement will be about the same, regardless of market size.   

For things like direct ownership of a rental property, this is generally the better way to go.If you are self-employed and have no full time employees, a Solo 401k program is available that also provides the same kind of checkbook control, but comes with the higher contribution limits of a 401k plan.In all cases, the investments are wholly for the benefit of the IRA.  

@Ryan Driscoll  I have owned real estate companies and mortgage companies, and employed 100's of agents over the years.

At this point, I'm not even sure what size facility to build.

Hi guys, I found a few 2 bed 1 bath condo in riverside CA for $50k (same community)It is section 8 approved.But it has an HOA of $250/monthI would want to do a a loan for 70% LTV so I can pick up a few of them and still have positive cash flow of about $200 each but I have a few concerns that I was hoping to get some opinions on. 1) HOA is pretty high and I hear that you should not buy investment properties in HOA communities. 2) I hear that it's hard to find financing for a loan size this small.

Your "syndication" cost are too high for the size deal.

Depending on the size you are looking for, you can search realtor.com for smaller deals (mostly less than 20 units that are often listed by residential brokers) and LoopNet for small to large.