I'd even challenge your definition of a "source of funds" seen here: A source of funds with fixed long-term interest rate that doesn't require collateral or credit is a great deal -- UNLESS you use it to buy a depreciating asset.Interest rates are currently extremely low on auto loans and you need minimal credit to qualify.

(New Investor - 0 deals)I'm looking at a duplex that already has renters (both pay $450/mo and landlord PAYS water) (asked next door duplex and they pay their own water and $500/mo)Unit 1: Just moved in and signed 2 year lease (no auto rent increases included)Unit 2: Month-2-month, been there 8 yearsI think rents can be $500/mo and they pay their own water.In order to get those rents do I have to wait for Unit 1's lease to expire?

Across the street on two side was an auto salvage yard.

Or there is some mechanism to revert the ownership to me in case trustee goes out of business?

You could potentially begin with a small multifamily, a duplex, triplex, or 4-plex and amass a portfolio that will give you a better understanding of the mechanics and complexities that come with owning many units.If you are looking for in-person meet-ups, keep an eye on the Networking tab (see below)https://www.biggerpockets.com/forums/521-events-an...

Like any other business, it takes an investment of both time, effort, and money ... the returns can be great, but you'll need to work for them, at least at first until you can scale and build out the systems to put it on auto-pilot.In summary, if you want to diversify into REI and stay passive, look at REIT.

Which project should I tackle first (structural like roof, mechanical, cosmetic exterior, cosmetic interior, interior maintenance, etc. .  

Then in your email program, setup an auto-forward or auto-action that emails the tenant that you received their rent. 

Rich Dad Poor Dad, Millionaire  Real Estate Investor, Hold, and Landlording on Auto Pilot.I live in the northwest suburbs of Chicago and just purchased my first deal.

If upgraded means that they have pictures of the a stud up improvement with new electrical, plumbing, windows, mechanical, roof, etc. from start to finish I am listening.If ( which is 90% of the time ) they are talking about some paint, new carpet, and some handles or a counter top then I have generally ZERO interest in that.