However, what if you prefer simplicity, limited risk, and are living off of the income? 

The $200k financing would serve as a purpose to be a downpayment, or do you want the $200k to be the top limit of the investment?

Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal level Learn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are needed Know everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

I now also offer limited service where I do the guest communications, marketing, and pricing. 

It was on the more limited side in general (for a few days' worth).

I have studied both and Section 8 is a lot easier.Yes, Section 8 is intended to help with the issue of available housing for low income people so absolutely its not designed to compete with your Class A rentals.

Some banks and lenders will calculate your Heloc payment based on the Max limit even if you only have a small portion used due to preventive risk. 

In our still relatively limited experience, seller financiers are usually looking to get a higher asking price in exchange for the favor of the private loan. 

It was in rough condition, which limited competition and made it a strong candidate for the BRRRR method.Negotiation: After analyzing comps and repair costs, I negotiated a $420,000 purchase price, which was below the market value for similar properties in the area.

What I can share is that the risk-reward will not be worth it as a 'newbie' due to your limited capital and inability to actively manage your properties.