I would also like to follow a similar model as yours - OOS, build a team, research and pull the trigger. 

We have owned gas stations so of course this information is familiar with me and the business model.  

To me at least, that seems like a much better first filter than any "rule" If it passes that sniff test then you make an offer at your price and model to your hearts content.

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $74,000

Cash invested: $74,000

What would be a good model for variable income on "properties managed"?

So, you are certainly right, there is a lot to consider and you want the investment vehicle match your financial model (you also want this outside your IRA) but I'd rather deal with that than just letting Wallstreet determine my retirement!

So, at the time I posted originally I may have sought to move from Hamilton, but now I just want to expand (smartly).The long distance model is super attractive to me (building a team I can rely on), so I'm implementing it here in Hamilton and scanning nearby markets for opportunities.

Some models cost only $50. 

Now our driver was to have a student rental for our daughter, but I think the model worked fairly well, other than we had a few other criteria that a female college student who was also our daughter required.

I've got a couple of quotes and the equipment goes from $150 to $400 depending on model.