And proximity to hospitals is key, within 15 minutes is what I seek.When I was trying to determine demand for our area, I selected about 20 listings near the location I was focused on, and tracked them for several months.

@Charles EvansFrom my experience, having rental income of $1,400 to offset a $2,600 mortgage, leaving you with a $1,200 payment, is a manageable setup with an income-to-mortgage ratio of 28.5%.

It depends on what the terms of your mortgage are.Pros-with no mortgage, you have higher cash flow.Cons-if you plan on buying more properties, you are better off saving the money for a down payment for your next place.The big questions are: can you get higher than 7% return if you invest that money elsewhere? 

You can also add co-hosts to listings as well, which allows two accounts to access each listing, but not in the same ownership rights (for example co-hosts don't have access to payments). 

He wanted 1/3 payment up front in cash and I paid him.

The down payment is 25% down for single family residences and 30% down for 2-4 units.

I could put a down payment for a conventional (20-25%) 550k duplex, but I feel it could hurt my chances of buying as many duplexes in a 5 year period (for example) if I go conventional VS an FHA at 3.5%. 

Option 1 - NOI = Rent - (maintenance, vacancy, management, property tax, insurance)or Option 2NOI = Rent - (property tax, insurance)in both cases i assume DSCR = monthly payment/NOI

I agree with Erik, although their are some investors out there that will help fund the down payment/entry fees that you mention, they typically are friends and family that trust you and believe in you.

Therefore, your financial freedom hinges on new companies continuously moving into the city, creating replacement jobs.Companies have many options when selecting a location to set up operations.