It is important that you gain their trust and respect during this time.THE FOURTH MONTH - THE COMFORT PHASE:The fourth month through the first year is THE COMFORT PHASE: the tenant becomes accustomed to your rules and is starting to feel comfortable.

Nope, denied by Chase.JPMorgan Chase to raise mortgage borrowing standards. [...]From Tuesday, customers applying for a new mortgage will need a credit score of at least 700, and will be required to make a down payment equal to 20% of the home's value.[...]The bank was the fourth largest U.S. mortgage lender in 2019, according to industry publication Inside Mortgage Finance.[...]JPMorgan would not disclose the current minimum requirements for its various mortgage products, but the average down payment across the housing market is around 10%, according to the MBA.[...]The residential mortgage market is already under strain after borrower requests to delay mortgage payments rose 1,900% in the second half of March, Reuters reported.

But if you don't agree, the program will only cover one-quarter of your tenant’s back rent and one-quarter of their upcoming rent for the next three months.

I'd even be satisfied with one house a quarter.

My folks are giving us(my family) their big house in exchange for us building them a small living quarters.

Jurisdiction allows for onsite living quarters for "employee or family member" which building has room for a studio, another $20k to create a studio apartment.

As per the schedule quarterly I do receive the distributions and at the year end I do get the K1 which shows a loss.

A lot of people start out with the same process that you're targeting, I recommend reading more real estate books as well as attending 1-2 real estate meetups every quarter to give yourself exposure to others in the space. 

We conduct quarterly pest control services at our rentals & so far, they are great!

Well, it is completely possible that you buy a house today at $500k, the inflation numbers for the next quarter come back bad (pretty likely), causing the fed to clamp down and raise rates again (pretty likely), causing demand in the market to dry up significantly (already happening; look at days on market and price reductions, or talk to any agent), causing the market to dip 15%.