I approach Armando about proving his snake oil will work in the real world, and he started to sweat, and he tried to find an exit.Joe Gore

Only thing I see missing is utilities, common for these properties to only have 1 boiler, especially if on oil.

If not (ie two full-time working spouses) your only other option is going into land conservation deals, solar deals, or oil and gas deals - all of which have some risks.Explained in a different way...1) There are ordinary/W2/active income on one side.

There's a lot of snake oil salesman out there so be careful. 

@Austin JamesUnderstand the area, the current tenant base,the median income, is it in a flood zone, the age of the asset, the condition of the plumbing, the electrical wiring, the fuseboxes, the age of the roofs, the age of the mechanicals, the condition of the foundation, the drainage of the property, does the property have a C of O, is there ny environmental concerns such as oil tanks being buried, the current property management company, what are the amenities.These are just a few things to look out for.

There is actually a fair number of cases on real estate LLCs, although the first LLC in Wyoming was  a partnership between two oil companies. 

I worked 6 years as a drilling engineer. 4 years in Dubai for the national oil company and 2 years with a major E&P Oil and Gas company here in Houston.

Prepping/cutting in is the worst part and if you sand/spray the trim/doors with oil base, you have prep the finished trim again.  

I could get crazy with this one such as: switch from oil to gas, new HVAC and add central air, windows, kitchen, bath etc.  

My goal is to scale this portfolio/business to a level where it will crank along without me and become the well oiled machine I set out for 10 yrs ago.