They all have their own feel, different access, and of course varying price points. 

As for cash reserves, that can vary based on the age of the property, condition, location, etc...but I've always hear $10,000 per property (scales down per unit if you buy multiple) is a decent starting assumption.Flipping is active income (not bad for building wealth in the short term), buy/hold is more passive, and cash flow is great (playing the long game)...military installations often come with a decent amount of buy/hold opportunities due to the housing allowance service members receive.lower end is okay...if the neighborhood is.

Plus I also live very close by...and it gives me something to do ;) As long as I don’t get too stressed by the usual repair calls, tenancy changes, etc. it’s really sort of like a giant game, and my goal is to be as fast and effective with every decision.

There are a lot of tire kickers across the board, so that's part of the game, but they might just not know how the neighborhood works.

Non- recourse are the exact opposite: you are not personally responsible but it requires certain criteria like experience etcetera: These are Fannie Mae and Freddie Mac.All professional real estate investors go with non- recourse.Real estate is a numbers game, the bigger the better.

I've seen contracts for other states but I understand real estate laws vary by state.

It's the best way to determine if you are winning or losing in this game.

You May have to share a % of equity with him but he will have real skin in the game then. 

A true TK will have their own PM team.... full skin in the game. 

Soon you will find a network of higher net worth investors who got out of the sfh direct investment game and now laugh at this race to 10.