What kind of rehab are you planning on doing, light cosmetic or full renovation

Only green‑light if projected post‑reno rent comfortably covers taxes, insurance, PM, vacancy, CapEx, and debt.

If it's a light turnover you can get it knocked out in a day depending if you are doing it yourself or you are outsourcing different trades (handyman, cleaners, landscapers, etc.) 

In your price range, you can usually find light value add opportunities that still make sense for cash flow.

Instead of howling at the dark, @John Clark: why don't you light a lamp for those who are lost? 

light cosmetic rehabs or full repositionings?

I totally agree with you on that and am starting to see that truth come to light.

i have a full time job that commands most of my bandwidth and I came across Eric Spofford's Section 8 program and I am curious to know if anyone knows anything about it that can shed some light on whether there is any merit going down this road?

A cosmetic rehab—new kitchen, flooring, bathroom, recessed lighting, and minor plumbing/electrical—costs me close to $30–35k for a 2-bed/1-bath apartment, and that’s considered cheap for many!

That's easier said than done, and you're only going to create that level of income if you execute and self manage well.If nothing lights you up, I'd invest in index funds and pull money out at a 5% withdrawal rate (gets you halfway to $40k), stay completely liquid, and have none of the hassle factor.