My assumption is the 1% rule means you need to bring in 1% gross monthly rental vs sale price. 

(this is only an assumption however so if I'm incorrect I apologize) If that's the case then you have to look at all the other "jobs' required in your en devour.

At the moment I am thinking with the 60k I can possibly purchase 2-3 properties that are worth about 80-100k that are located in decent neighborhoods and use majority of the cash flow to purchase additional property later on (this is largely based on assumptions I put about 20% down payment on a property that follows the 1% rule).As for a goal I would say for the time being I would like to try and match my career monthly income with my passive income.

I would set up the numbers in excel and stress test my assumptions (i.e. run scenarios with cost being 10% to 50%+ more) and see if I can take the loss.

Am I wrong in this assumption?

He knows the property type, the area, you, your style, and can give you far more applicable counsel than anyone here.Secondarily, I would plug all of your assumptions into the BP calculator and post the results.

@Khaled Helmi My assumption was a lien on the property.

We’ll make some other assumptions in order to keep this as close to an apples-to-apples comparison, too: You don’t have to invest a dime of your own moneyYou paid the same amount the REITs didVacancy Rate stays static at 15%You hire a property manager at 11%Repairs and maintenance are a very reasonable 7%Capex is about 8% since the homes are reasonably newYour mortgage rate on a 30-year fixed is 4.138% (more on why I picked that number in a bit)No PMI (no particular reason--I just like you)The numbers should look roughly like this:As you can see, you’re going to have to come up with a bit of cash each year, if you want to own them outright in 30 years. 

@Libby WolfeWhat did you say to your tenants that they are under the assumption the floors are going to be replaced?

The court will look at Existing paperwork, not assumptions.