I did major renovations on this house such as: new roof, new plumbing all over, new heat, all new windows, flooring, updated electric work.Purchased last March for 148k.

Kevin Meyer FS sells nice products, but I’m not sure they do PM anymore.

Also, to clarify, you do not need a brokers license to manage your own property.I'm sure that being a realtor you would also run across deals and opportunities but the opportunities may focus on single family products since that's the bulk of transactions out there.

You want to talk to your CPA first and foremost you don't want to get in a situation were your deemed a dealer and lose your cap gain tax advantages.that said a take down schedule like this is common in the industry.. although CA usually a million dollar property is not a lot.. vis a vi development ground.. and builder developers there usually stroke a check if needed.I suspect though if your going to sell it in phases.the land would be split into 3 phases and you deed out each phase as he pays if off.. but not individual lots that were your CPA can advise you on dealer status.its common though in these scnerios to have accerlated paymentso you have  3 phases  333k each... you sell first phase for  400k.. second phase for 400k last phase for 200k.. this way you get a premium if he fails to buy the rest of the dirtalso in your contract make SURE you demand that all work product engineering soils geo tech that type of stuff is once paid for your property as well.usually in vanilla real estate transaction on the west coast I don't recommend or see the need for a lawyer but in this case I would find a good real estate lawyer tell him these basic terms and things you need then let him prepare the contract.. hope that helps.. and assuming the dirt is in CA.. of course.

The Property is an hour outside of a Major Metro.

The Property is an hour outside of a Major Metro.

Are there any major disadvantages to this type of investing?

Not necessarily surprising in a C neighborhood but a major red flag.

You need to set aside an amount to cover future major repair/replacement.  

So I was able to get someone to meet the tenant at the property for the keys and to basically do a quick walk through to makes sure there was nothing major going on or left behind.In my state, TN, apparently, if the tenant is present for the final walk through then the landlord has to give the tenant right there on the spot a list of damages that would count against their deposit.