Sounds like you are maybe getting close to a full time or part time employee - give them a truck and small hourly - maybe throw a plow for winter on it and a trailer for summer grass cuts -  maybe it can make sense for you.I have always had a property management company (owned) and used for another real estate to manage my property - this is a full-time lifestyle for me now, so no capacity for self performing tasks.

If you have limited capital, start driving your farm area and look for tall grass, snow in driveway, tarps in roofs, old cars/ boats in yard, overgrown plants.

A friend got a piece of land under contract that is in an area I would describe as: growing, nice for a double-wide and small home neighborhood (some trailers, but everyone mows their grass, there aren't any cars in yards, etc.).

She got fed up and told the agent to scram.

You posted in the mortgage subforum, so I'll assume that's what you're wondering about and not how it otherwise impacts you as a landlord (collecting rent if your tenants are now unemployed etc).Central banks in non-command (eg, capitalist or capitalist-ish) economies, like the Fed in our country, generally set short term rates. 

I’m greener than the grass on the other side at this point, but I am eager to learn the real estate business.

We have seen the Feds raise five times in .25pbs increments over the last few quarters, which would roughly equate to about a 1% bump in rates over the last year or so (Give or take)?

Here is the trade off though... the cash out has a 30 year fixed rate, the HELOC will adjust when the fed adjusts the rates. 

Ordinary income, self employment, Fed and State.

I was questioning the 60/40 model prior to COVID due to low rates, but with the FED dropping rates to ZERO and talk of potentially having to go to negative rates in the future, does this strategy still hold water?