This is probably possible in dfw if you buy right but it is a hot market.

Found a 4-plex in residential area (population <3,000) about 45 minutes away.Purchase Price: $92,000 (MLS) Bank Appraisal: $99,000 (appraised "sale" value)Mortgage: 20% Down, 5/15 ARM (self-employed, first mortgage)Rent Roll: Full occupancy = $2,050/mo; currently = $1,630/mo (3 units with long-term tenants, studio unit vacant)Roof: No leaks but needs shingles in 1-3 yearsHVAC: One gas boiler, hydronic/radiant heat and hot water; no ACOther: 2500 square feet. 

With NO contingencies, ie, no inspections, no mortgage clause, etc.  2nd: 65% of market with x down and bank financing.3rd: 75% of market with seller financing.Depending on the 'hotness' of your market and the motivation of the seller, your percentages can vary. 

I found this out completely by luck when I discovered our 4 year old Lennox A.C. unit was blowing hot air.

@Jeff Mills yes our market is hot.

While it has been relatively good in terms of rates of returns, the markets have been red hot and finding the same type of good cash flowing deals has been difficult for now. 

I do see that the Sacramento area is getting hot.

The market is hot right now, so you will be in competition with all the other investors that have similar goals to yours.   

I say that because we are in a very hot market and you can easily over pay for a deal just because you like the property.

You would never have to work again.You could look for large multifamily properties to purchase but the market is so hot for them right now that it could take a long time to buy one of them.There is a huge opportunity right now in the 1-4 unit space because there are so many properties available.