Everyone neglects to mention all of the upfront costs.

Great posts by all so far!

You're asking all the right questions, in advance. 

Having junk around may be an issue also for your insurance company if/when they come to inspect.

I don't work at all like a typical agent- no scripts, no sales pitches, etc.

Even mid term rentals don't really cash flow in the current market conditions (assuming 20-30% down) after you account for all expenses and throw some money in a sinking fund for roof, HVAC, and/or other major repairs. 

I’ve read around 20 books about real estate in the past few months, and I’ve watched many YouTube videos, podcasts, and other content to deepen my knowledge.

@Anita Kollory as far as returns, it all depends on what type of loan you'd be getting, your comfort level of buying locations, how much you're approved of, and several other factors.

If you were able to increase the value of the property significantly after the rehab, then you could bring the deal to a community bank  to refinance and take the hard money lender out.You keep all the equity and don’t have to file a partnership return for your annual tax return, which can be costly.  

Now that I'm financially free and my rentals are all within 1.5 hr drive, I never have to go to them because I figured out how to do things very hands off!