Realistic Rental Aspirations?

[Travis Hagan]

I have about 700k to invest in real estate, and I’d love to start with turnkey rental properties (preferably multi-family). I am new to the world of RE, but I know the stock market very well. I live within 2 hours of Memphis, and I’ve heard nothing but good things about the markets in that area. I’d love to be able to see 40-50k through strictly rental income. I’m not interested in the flipping process yet; only interested in the rental aspect of things. Any advice or pointers in the right direction are greatly appreciated. As a side note, I am not one to throw money down the toilet. I want to get a good grasp of where to start before considering something big. 

Do you think 700k would be enough to achieve this goal? What is a realistic goal? More, or less? 

Much thanks in advance.