I have a number of personal contacts, I believe, who would be interested in coming in on a loan with me, allowing me to manage all the details for a decent return (backed by collateral).

Here's my situation: I accumulated credit card debt to finance my last property rehab, which is now rented and generating income.

My wife and I are looking to diversity our investment and getting some passive income.

I'm in my 70s living on social security income plus the small property payments I'm getting on the house.

We actually have refinanced all our loans from when we first bought them to lower rates so over time our income increased because now we have low interest rates. 

The losses will stay with the property and not move over to your personal income side.

I felt like I had a decent January but then added charges from my rental company ate up all the income, so I guess I'm trying to do my due diligence now.

I've been reading about the DSCR loan that doesn't require income proof, but I've heard some people say you need to have a primary house in order to be qualified.

@Rose Ganoryou're not missing anything.  3-5 years gets you started.  10-20 years starts to get you a real portfolio that can start replacing W2 income.

Personally I feel comfortable with leverage, especially when 1.you can get great terms with VA loan, 2 you're still very young, 3 earning high salary with side income 4.Properties cash flow well  Everyone has different tolerance of risk.