It is a good strategy in certain circumstances.

There is definitely a circumstance for using truly private capital, local hard money, national hard/private money, or a broker - just depends on the scenario, in my opinion The Demise of “Hard Money” in a Private Lending World | American Association of Private Lenders (aaplonline.com)

Depends on the circumstances of your investments but I think it's generally easier not to have it.

I had the prior seller finish eviction on 2 of the tenants, but the final tenant I took over the process as it wouldn't have been completed for months due to certain circumstances.

She started out making pennies and now has six figure income and is my right hand women.

For my first deal, I would personally look for a property at a higher price point (nicer asset/neighborhood), needs work in the dollar amount of no more than half of what I paid for it (less room for error and mainly cosmetic items), and has a reasonable spread based on comps after taking into account all expenses on a 6 month hold (so I can at least try to break even should unexpected circumstances arise). 

Do not under any circumstances, try to use hard money.

Hello,Due to circumstance beyond my control, I'm not able to attend the conference.

I am sure there are other solutions depending on the circumstances legal counsel advises on.

Most rentals with mortgages aren't going to cash flow a lot meaning you'd have to have a large number of rentals AND a good contingency fund for repairs and maintenance.What you need to live off of really depends on the individual and their circumstances (what expenses do they have, what do they think they need each month).