At 50 lots its just too big for a part time manager and a full time salary drives up OpEx at least to the 35% range.  

@Corey Walz In terms of proof of funds and liquidity you need to find someone to be a KP on your deal which comes with a price of course and a piece of equity in a deal that you two would negotiate.

We usually can lend 90% purchase and 100% rehab..but you are going to need 5 deals and a 680 FICO. and in a good area (close to a Home Depot). 

I just purchased a duplex in july and a tenant is saying that there are rat droppings being found now.

My daughter just bought a house in St Louis, and it was inspected, and a year later, the basement smells like rotting mold.

Just google it and a few templates should show up.

Lessons learned: always maintain cash reserves for maintenance/repairs, fire bad contractors pronto, be friendly with renters but not friends, a decent buyer's agents do not make a good seller's agent, I must always keep my thumb on the numbers and eyes on the contractors, and as with anything else -- you get what you pay for when it comes to contractors Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

For example, I bought a duplex this year that had brand new furnaces, hot water heaters, and AC units, and a roof that is 4 years old.

These guys had maybe one or two steady thoroughly vanilla girlfriends from their teenage years to their early twenties and a very few hookups (maybe a friend with benefits) along the way.

To learn how to buy investment properties, attend local real estate investor meetings which you can find on MeetUp.com and NationalREiA.org.Learning takes time but it's well worth it and a year from now, you will know a lot more than you do now.