Might be worth doing some soul searching to make sure that is the direction you guys want to go. 

You'll want to search for a property management company to handle it for you.

I don't have the time to study Bitcoin nor do I have the time or desire to study any individual company thus I invest my traditional retirement savings into low cost index funds.That being said, I do feel like I can study and become educated about my local residential real estate market and it is an interesting topic to me so that is where I spend my time, effort, and excess capital.Regarding, investment vs gambling. 

It depends on a variety of factors: your goals, your time constraints, your available capital, your desires, your timeline, etc.

Quote from @Ashley Mierez: I would search local meetups..

First of all I put my acceptance criteria clearly in the ad: minimum credit score (enter X amount, 620 is what I use),income 2-3x rent, good rental history, references, no evictions, acceptance dependent upon background check and employment verification, pet policy, desired lease term, etc. so that people will hopefully read that and not come to the open house if they know they won’t qualify.

With strategic updates and market insight, this property became a highly desirable investment, showcasing the power of effective collaboration and value-driven improvements.

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.

You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.

Doing a quick search, I see a bunch of duplexes in and around Austin available in the price range you are talking about, if that's where you are from and want to live in the future.