(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.

My basic understanding is you need to know all income and expenses for a period of time, so effectively you can't apply it to analysis of potential investments (pre-purchase), unless you use assumptions and plugs?