Setting proper expectations takes effort (sometimes a lot of effort).Let me try to illustrate this with my own experience.  

I illustrated that the first step was covering those expenses with passive income to free up earned income from our jobs.

It nicely and convincingly illustrates what seems so completely clear and obvious to everyone trying to give advice on this thread.I think @K.

As illustration, you know why The doc is asking our Blood Pressure to be below 120/80 right ?

Another illustration of the effect of time on cashflow is with respect to the IRR of 6.43% vs IRR of 9.13% that you calculated above.

The story illustrates that bad things happen, and you can never predict when something can go wrong.

Regulations include property related laws like the time and cost of evictions, rent control, code compliance requirements, etc.I created a graphic that illustrates the process I would follow (click on the image to see full size):Potential LocationsThe following is a reasonable set of location criteria to start with.

Let's just call it $3k/month for illustrative purposes.

What I have illustrated is what not to do by the example of a few who I would consider to me morons rather than wholesalers.

Many turnkey operators tout strong rental returns, but will fail to illustrate the economic (employment, migration, infrastructure development, etc) projections necessary to make buy and hold viable in the long term.