Two recent clients purchased properties with less than $250K down in New Hyde Park and Lynbrook.One property has a detached garage to bring in additional income and the other has a 1-bedroom ADU.Both deals cashflow.These aren't easy to find in a seller's market but they're out there. 

I feel the padsplit model might not be that sustainable if it is that easy for the hosts to have legal troubles.

Expect to spend a considerable amount of your time speaking to people.Expect to work dozens of hours/week with little to no immediate result.Expect most of your early interest from potential clients to come from your sphere of influence.Expect to go 3-6 months without getting paid (unless you do rentals which usually pay faster)Expect to be bombarded with distractions - mainly, people/companies marketing to you so that you choose their system for quick and easy buyer or seller leads.

My somewhat unique situation is that I have low reported income due to the structure of my investment accounts, yet I have access to meaningful capital.

Check on these jobs somehow.5) Google builder and company names with "feeback" or "review" to see what you may find.It's not really easy to do all this.

They’ll help you identify properties with strong rental potential, offer access to a network of contractors and inspectors, and negotiate a deal that works for your goals.

Agreeing with both @Nathan Gesner and @Jonathan GreeneIf it was easy, who would be left to do all the hard work?

Its easy to say that an older property cashflows better when you look at a spreadsheet.

Quote from @Bruce Tieu: Quote from @Bonnie Low: It's easy to get ahold of the planning department for the particular city or County you are in.

You may have to sell the whole property to access the funds in the IRA or 401k when you retire and for required minimum distributions.