For cashflow, I would suggest setting a target of around 5-9% COC, which should be relatively easy to attain with such little cash outlay.In regard to GRM, typically around 11-12 is where the numbers can begin to start making sense.I hope that I was able to answer most of your questions.Having said all that, please let me know if you'd like any assistance with your search.

That is one reason why I am writing this post.I would like some guidance on how and where in New York I would be able to find the resources that are needed to acquire this property in terms of loans, maintenance, and attaining reliable tenants.

or, does anyone have other recommendations of part time work within the real estate world that could help me attain my goal of earning and learning at the same time, ie, appraisals or inspections?

Many of the 5 year fix, 7 year fix and 10 year fix have a step down pre payment penalty.Yield Maintenance is a prepayment penalty that, in the event the borrower pays off a loan before maturity, allows the lender to attain the same yield as if the borrower had made all scheduled mortgage payments until maturity.If your loan amount is above $3MM (the numbers work best on $6MM), you might be able to get a FHA HUD loan. 

I would financially be capable of paying both loans but if I can't attain the loan then that is of no relevance. 

Yield Maintenance: A prepayment premium that allows investors to attain the same yield as if the borrower made all scheduled mortgage payments until maturity.

However, they also started talking about goals toward the end of the podcast and they said some things that were contrary to what I understand as far as goal setting and accountability.The goal setting education that I am familiar with follows the SMART outline (Specific, Measurable, Attainable, Realistic, and Timely).  

That should be easily attainable with your income over the course of 12 months.There are some great podcasts on the site and webinars to learn more. 

I plan on getting properties in the Midwest after I attain a second property here in my hometown.

That's a great plan, and is certainly attainable, even in a tight market such as San Marcos.