I was prepared to make the underlying payments if necessary, but he always paid on time, and I stayed in touch with the person I bought the property from just in case something arose regarding the transaction.

The upcoming wave of maturing loans is definitely creating some unique opportunities for investors who are prepared.

(There's a continuum, I get it - but hopefully the sentiment lands.)Of your "questions" at the end of your post, I think your first outcome (1.) is probably the most likely and I would begin preparing for that eventuality (i.e. engage a L/T attorney, procuring cash reserves for non-payment during eviction, funds for extensive renovation). 

I'm just a few hours south of you in Celina, TX. 1 - Decided whether you want to try and be an operator or just a landlord to an operator (much different risk profile). 2 - See how others are doing it/find who's doing it in the market you want to be in and serve them/know them3 - The need is never ending, position yourself for at least some scale but prepare for it to take a while as not every house and neighborhood will work. 4 - Have a great attorney who knows the space IN YOUR MARKET to protect you.

Tax Preparer?

Starting my career right now as a commercial realtor, been learning off of bigger pockets podcasts for the last few months to prepare to invest once I have the capital.

When the mail dropped to the homeowners, they started calling and you weren’t prepared to handle the leads?

Got to be prepared, right?

I also believe the inspection process relies a lot on how the buyer's agent prepares their buyer for the inspection.

The positive cashflow can help prepare for these improvements.