Pretend you wanted to buy this property and do some some practice analysis to see if you think it would work as a rental investment.In short, I'd recommend just getting as active as you can in consuming as much information through books, podcasts and people as you possibly can.

Charlotte rehabbers, how can I help you achieve your goals and enhance my knowledge?

Unless you are willing to become an expert on Dodd Frank, the Consumer Finance Protection Bureau, state homestead laws, state foreclosure laws relating to consumer loans and Federal Bankruptcy homestead protection, I would suggest investing only in notes secured by commercial or investment real estate.  

However, this would be very time consuming if my offer doesn't even get accepted.

It also works in the scenario you painted, but it's pretty time consuming, more risk, and the transaction costs are significant.Rick

I try to remember what it was like to be the consumer at all times. 

You will have to deal with less than ideal tenants and it will definitely consume a lot of your time. 

Most weeks and months, it's virtually nothing, but it is time consuming when issues arise, and tenants turn over.

These are very common mistakes made by consumers, closing lines they should keep open.  

My business has been doing very well the last few years and my wife and I have been lucky enough to pay down her student loans, car, and other consumer debt.