I do have ambitions for the future to establish rentals and even begin flipping houses once I both learn the industry as well as have sufficient passive income to do this full time.  

@Ryshawn Cousar  When you say how do you go about it that presumes a lot of things not the least of which is the seller sufficiently motivated to do a subject to? 

Aren’t the $200* per month for cap ex and 10% I take out for repairs sufficient to cover those expenses?

This website is very helpful but the vast amount of information that is here is starting to become a bit overwhelming and confusing.

Do you think the $1m for commercial property is sufficient?  

It is in the PM's interest to establish a sufficient density of managed properties in a given neighbourhood to support a routine check. 

And I know that legally an email or text notification which the tenant acknowledged isn't sufficient right?

The NOI (Net operating income) needs to be sufficient to cover the payment and some amount of spread.To make the numbers simple lets pretend the payment on the 50K mortgage is $500/month and the 70K mortgage is 700/month (these are likely high numbers) if the rents minus expenses (excluding mortgage) net out to 750 then the 70K mortgage is pretty risky since there is only a $50 spread and the 50K mortgage is much less risky with a $250K spread. if these numbers held up I wouldnt buy the property at all unless I could get a 60K mortgage with a 600/month payment and have a spread of $150 and 10K in cash reserves. 

Back in "the day" we would get the same info and a weekend long event for $497 (Wow, now i starting to sound like my grandfather)Today, because of technology being so widely available and inexpensive, you can get the vast majority of the core information that you need to be successful as a real estate investor,  for free!

I have tried lists from REWW / Realeflow / Datazapp to try and contact motivated sellers, but the vast majority of these prospects have no interest in selling their property or want too much.