Landlording with a lifestyle... Is it possible???

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Ok people. I'd like to begin to get some ducks in line for some commercial property investing later this year. There are a few low income areas nearby that I'd like to buy a property in this year. I know there are headaches that come along with that but I'm going to consider that as I look.

So my questions is can I buy several rentals per year, manage them effectively and still have a great lifestyle. I've of course heard the nightmares of landlording and I've heard from people who never worry about their properties. I'm more interested in hiring a property manager but I don't know how easy it is to find a good one when you're starting out. I would think a company managing a client with 50 units would give them presedence over your 3 unit. So I'd like t know how to start out where I can build up to that. I've heard about people who manage their own properties but how do you have free time if you manage a lot of properties.

Second question, I was evaluating my buying strategy and I wanted to know if this would work. I saw a guy who has a forum and for the last 3 years he's bought over 15 Cashflow properties. I don't think he explained how he finances them. Here's my thinking on what I can buy a 3 family property for in Newark nj
Purchase price: $75,000
Rehab: $55,000
ARV $200,000
Could I buy this property with a hard money loan and refinance at the $130,000. I would want to go with a higher LTV than that. I'm probably missing some details but if I could perfect this strategy I think it can be pretty good. Any thoughts/input appreciated. God bless