I've been buying non-performing notes, which I can also manage anywhere I can get an internet connection.I'm interested in hearing the pros and cons and feedback from anyone contemplating doing what I've done, or who has done it.

@Travis Oneill that is a very broad statement, but I average around $600 a month in cash flow on my fourplex here in the Chicago area.

While the approximate returns over the past five years may track closely the most appreciable difference between equities investing (especially through broad market indexes like the S&P500) and real estate investing are:Equity investing in PRIMARILY unrealized - your "gains" or "losses" are hypothetical until you sell. 

With the internet, trends have become uniform across the board with some spurts of creativity throughout, however, I always appreciate when someone thinks outside the box and makes a place unique.

Mowe  good for you to look at cutting down on what is probably you're greatest household expense which is a roof over your head (I don't count taxes because that is money one never sees).I currently house hack a triplex in Miami that rents for 3050 compared to a total payment of around 2900 (that is P&I, insurance, internet, water, and electric). 

I was speaking more broadly about the dogma around "rules."

I also know that I will need to budget for gas, electric, water, internet, and cleaning between guests.  

HD, Amazon, Supplyhouse.com or random internet. 

Realize that a PSA is what keeps your deal enforceable and protects you.If you think downloading a generic form off the Internet does that, good luck.Spend a few bucks, explain to a RE atty what you want to do and have him draft it. 

I have been doing this for awhile but I think there are very few true experts that know everything about a topic as broad as real estate investing.The mantra I like to remind people of in open forums like this is "Trust but verify."