However, you make a great point about starting local and dodging PM costs to start...

These dishonest lawyers will start adding on all kinds of BS and start running the cost up so much as time goes on that you have no choice. 

For higher priced properties the 70% rule gives you too high of a profit and your offer won’t be competitive. 

Yes and a few bookings on Airbnb cost your ranking on Vrbo.

Seller financing can be a fantastic way to get into a 4+ unit property, especially in a competitive market like Chicago.Have you started reaching out to owners directly or networking with agents who specialize in multifamily properties?

You're absolutely right—positive cash flow from rentals can vary significantly depending on factors like property costs, financing, and the ever changing market conditions.For real estate the challenge isn't just accumulating properties but creating a framework that builds net worth more strategically and sustainably.Cash Flow can be generated in many ways, my intention was to better understand the investor mindset and their approach, if they wanted to share.Based on your example, if using conservative calculations at $100K/door, you would pay $20M for access to $40K/month. 

I imagine cost of labor might be a little bit cheaper in Idaho compared to Connecticut as we ended up paying 10k for gas furnace and 5k for AC with 10 yr warranty for Lennox product.  

That’s the kind of agent you want in your corner, especially in a competitive market like San Antonio.While I haven’t worked with him directly, I’ve spoken with an investor friend who did.

PM business from what I hear is pretty tough and competitive business. 

As Andrew mentioned, you will have to be very price competitive to get January and February bookings.