That's actually one of my pieces of advice for you... learn how to do your own book keeping so you know your P&L in real time at all times. 8) Hard to say without knowing the value of the place, CC&Rs, as well as any HOA fees/dues. 

They are not well suited for a novice.You may see auction results that look appealing, but you don't consider things likea.

SFH under 200k, definitely exist. 300k for SMF as well.

Although that would be looked down upon by a lender as well because of the inherent risk of lending to someone who has too much on their plate. 

Watch out for egress (windows or doors) as well.  

I listen to their podcast daily while driving to and from work as well. 

Is this true as well?

I lived well below my means, worked a full time job for years while doing this on the side, persisted when others did not... and now I am enjoying the fruits of my labor.  

Would like to be more hands off as well.

This method allows each partner to defer capital gains tax on their portion of the property.It's important to perform the "drop" (distribution of property to partners) well in advance of the "swap" (sale or exchange) to comply with the "held for investment" rule.