:@James H. if you are incorporated or under $600, then its not required to send you a 1099if you are not the above, then you manager is an amateur and you can expect drama I take that he is not incorp because the prior prop mgmts were issuing 1099s to him. 

If I can purchase a 400k property with  conventional 5% down vs a 100k property with 5% down and they both cash flow say $200 a month.

He's can handle loans in IL and is also a CPA.

Depending on your experience and skillset you can look into developing also, but that is a big endeavor of you have never done it before. 

Usually you can find this online.#3 Chances are you will never buy a $500,000 property for $30,000. 

I also like to do a pre-inspection and fix most of the stuff on the inspection so I can give that to potential buyers and ask them to write their offer considering the current condition and with as much “as-is” language/ contingencies as they feel comfortable with.

There is a lot to be answered, but not without some questions.You can get good enough deals and BRRR if you hire a contractor.  

I can help you find a tried and true method of investing depending on just how involved you want to be.

Focus on absentee owners and start with the ones who live the farthest away and only own one property in the area since they have the least use for the property.You can also drive for dollars, looking for anomalies of disrepair and then look them up in the tax records and use a site like Spokeo to do cheap skip tracing.

When it’s done, you either flip it and split the profits, or do a cash-out refinance so they can pull their equity while you take your share.