If you do like it, then you can put a plan in place to start your own company.Keep in mind, you typically have to have a Broker's license to open your own company and those take two years or more to earn.

Then, sit back and let your attorney earn some more. 

You will earn your high yield from dealing with the tenants.  

Extra work/risk => extra reward.

However, it's extremely important to note that you CANNOT take the extra concessions as cash.

Ideally, you have the big 3 in place; your buying at a discount to retail, your confident you  CAN AND WILL  earn 2 for 1 dollars spent on improvements and #3, your buying in a market that is trending higher.

Then house hack by renting out the extra bedrooms.

Being on the board of the HOA will give you some extra work but also more control of your investment. 

The income on the 1099 is taxed an earned income so you'll pay federal and state income taxes as well as 15.3% towards self-employment tax.

However, when purchasing a home in the Bay Area with a median-ish earned income, I will need access to the first time home buyer benefits of lower down payments required and lower mortgage rates.