The sole remedy of the lender is the property.Now take the rest of the states and Texas in particular Mississippi for sure.. and you can foreclose get the asset then sue in court in a different action for a deficiency judgment and get a judgment against the home owner.. this is used when there Is in sufficient equity to protect the lender..

It takes a while to build a consistent and sufficient income to replace your W2. 

I would even say by somewhere in the range of +20%.

I ask because I'm considering leveraging my background to start something like this for myself and wonder if there's already something sufficient out there.

A duplex has 2 kitchen (refrigerator, range, etc), water heaters, HVAC or furnace, 2x the bathrooms, etc.  

This is my current process: 1) screen for price range/target neighborhoods, 2) Calculate rent/value to identify properties at or close to 1% rule, 3) review photos/other info to ballpark estimate post-purchase capex followed by a more detailed deal analysis, 4) request contractor inspect the property to get true capex estimate, 5) make offer if the numbers work.However, since Febrary I've only gotten to #4 once and never to #5.

In markets like Indianapolis, you can find new construction duplexes with solid rental returns at a much lower price point, often in the $400k range or lower, with better cash flow than many coastal markets.I work with Neu Real Estate Group, and we specialize in new construction duplexes for investors, specifically designed to maximize rental income.

I'm looking to purchase 10-15 new-build single family homes (250k-$300k range) as long term holds.

There are a number of contractors that can do the testing for you and prices seem to range anywhere from $300/unit to $900/unit. 

So a healthy buffer, and then from there they'll be working annual increases in that range I mentioned before.