You are going to need to research local law on mortgage/deed of trust foreclosures vs. sheriff sales (levies to satisfy judgments).

The number of properties needed to generate $15k in net profit each month can vary greatly depending on several factors:Purchase price and down payment: More expensive homes require higher initial investment, but may also generate higher rental income.

Documentation is Key Gather all the communication you've had with the contractor, records of payments, and any information about the work done.

If you are comfortable going through the building process and have a builder that you trust you would probably get the best return by building on the lot and then selling and deploying that equity that you have now built into another asset via a 1031 exchange.

Personal Property: $30,000                    Personal Liability: $300,000                    Replacement Cost: Included                    Medical Payments: $1000                    Loss of Use: $6,000                    Property Damage to Others: $500                    Mold Property Damage: $10000                   Mold Liability: $50000                  Tenant Pet Damage: $500                  Additional Interest: Myself (the landlord)2) With above coverage added to renter insurance, do I make it mandatory for the tenant to have a separate pet liability insurance?

@Drew Markert Congratulations on your recent acquisition (many never get started).Making sure you have an aggressive payment plan for the credit card(s(, as this is extremely important so that when you want to REFI your DTI is where it needs to be and that you can rinse and repeat relatively quickly. 

I am not sure I am trusting enough to allow an agent to make those kinds of decisions.

An accountant would help here, as you can make gifts to family members every year to a certain amount tax-free.Finally, you could simply sign over the dead to your son, if you trust him to pay you back over time.

The rents will cover the home mortgage and the car payment. 

However, if you're limited on time passively investing in GP deals that you have fully vetted and trust the operator is a great option.