As a result, the number of houses that can be bought below market enough to make a profit and still leave room for another investor, can be somewhat limited.

I leave installation to the pros... 

If purchasing outright through financing, it will be for the remaining mortgage price, which will leave me with about 40k equity and a crazy low mortgage payment.

I say ok, I think I can come up with say 10K to get "skin in the game" which should cover the 4 points easily on the type of deal I am looking at.

I'm very interested in leaving my current job to enter into the Real Estate field.

Eventually you will acquire properties that leave enough margin for you to do a quick flip selling low,  leaving the rehab to someone else, and still make a profit. 

I'd get whatever money he has from him as a new down payment without leaving him in too big of a bind...he still has to eat and get to work etc., I'd write a new contract with him with the new terms based on the new price.  

As an investor you have less stress, you don't have to where a yellow or blue blazer, no need to look for the balloon in the air and don't have to pay dues, attend meetings, meet a quota, do a coop with agents who take part of your commissionJust think no floor duty, no driving customers around to look at houses,  waste your time and gas. sap your energy and leaving you only to buy a property from their brother in law who just get their licenseOh YES, the freedom to make all the money your are worth, no need  for the hassle of finding listings, prospecting, floor duty.......oh the freedom that an investor has, oh the pleasure of sleeping late, making creative offers, doing subject to existing financing, delayed settlements, collecting assignment fees.....oh the sweet freedom of cash flow and free time.

Then about 2 years later they started getting behind on our mortgage, then we found out they were behind in the first mortgage as well...long story short, we had to foreclose on the note we held and pay the first to keep them from foreclosing a senior lien first...the day of the sale at auction, we were served with a notice that they had filed for bankruptcy, which stayed the sale and the auction was voided.After getting an education in foreclosure, I now had to learn about bankruptcy.Since we were now living in another state, we had an attorney handling it all - I was never comfortable leaving things to other people, especially when we had a lot to lose.

We'd like to generate enough passive income to leave a job within the next 5-10 years.