I don't  have the cash on hand for a conventional loan to be able to put 15-25% down so would need a partner or private lender that can work with me on the financing, and I would handle everything else involved with a buy and hold rental.  

I have managed my own property in the past and that is one of the reasons I am an out of state investor, I don't even want to be tempted to get involved with the property management part of the job.Just my .02. 

It's very difficult to even give a rough estimation like people mentioned above because there are so many variables involved.

They do affordable senior housing but I think they like to be involved early on in design decisions. 

Also, note that "subject to" deals are not risk-free for the seller.

I think most people would argue that leverage lets you get into many deals so that 1.) you're spreading your risk, 2.) you have more appreciation over the long-term, and 3.) you have tenants paying down more mortgages over the long-term.  

Expenses: holding costs such as utilities, taxes, insurance, lawn, snowCity fees - permits, potential fines and assessmentsLending fees if anyI would get an attorney involved and write up a partnership agreement that you're both ok with.

I just looked at FEMA maps, and these areas are zone X - low risk.  

I'm curious if most investors here still have a day job and just invest with extra money versus being involved with real estate full time?  

Those considered sophisticated are those that have an understanding of the risks associated with investing.