Understanding Rental Property Investing

[Jayden Woodrow]

So from my understanding the name of the game is as such 

1) drive for dollars (locate a house that’s beat up or obviously vacant/poorly attended) 

2)make an offer(get in contact with said potential seller and talk them into selling at a discount) [house is ARV for 136k but needs 45-50k in rehab, make cash offer for 30k and lock it up into a contract for $100-$500 down] leaving my personal investment at the current moment $500

3) call companies that buy houses at a discount (look up local “flippers” and offer them the said contract for the house by offering up the potential in said property [Talk about how they could turn it into a rental and make the money back or how they could renovate it and basically do the brrr method] for a total of $50k giving me the total profit of $10-20k if this was a wholesaling effort after negotiating is said and done... am I on the right path? 

Or if this was a way for me to replace my job what I'd do is find a private investor for the down Payment. Assume responsibility for the rehab and getting the property after rehab as close to the ARV (if not higher) as possible. Giving the investor the returned capital at the sale (since they took the financial responsibility in the beginning makes sense for them to get the big chunk of money when their investment is said and done with) and I'd pay myself a salary through the loan as supplemental pay for being the "project manager"? Am I right or not someone please let me know if I'm making any sense! I'm the only person in my friend group who reads