Remember one thing,   no matter which version you read of the story.  

(Room size 12 x 12)-Bathroom is pretty simple, ( ceiling only 6 x10) 2-4 hours ($60-$120)-Kitchen ( room size 14 x16)-Drop ceiling 6-10 hours 2 gallons $50-Walls 3-6 hours 1 gallon $40-cabinets 30-40 hours 2 gallons $100-kitchen 39-56 hours ($1,170-$1,680)Materials around $200I'll estimate 75-110 hours ($2,250-$3,300)And materials at around $700So remember I can do as much or as little repair as you want me to do.

I was able to purchase that at 200k, put in 20k, and now I collect rents of 2600 per month.Much better spread on my 1300 PITI.The investing will always be there, but you may have to work harder, dig deeper, and be more selective when your borrowing rates change.I remember one investor from a bit back that had a 10/10/10/ strategy. 

Remember to educate yourself thoroughly! 

Just remember harassment is a money maker.

It sounds like your business plan has a few holes in it; but just remember, prudence will keep you in the game.

I remember hearing about a property manager network that is very low cost. 

Remember there will be tax advantages to owning as well, which will decrease your taxable income.  

Remember when Aon insurance came out with the 'rent protect program'?  

Remember, REI is a marathon not a sprint and relationships are key.