The person gave a complete application, but failed to also provide the required supplement info such as proof of income (pay stubs and such).

Wanting to buy an investment property is not a good enough answer, but wanting to generate supplemental income in order to pay for school in four years would at least open a conversation. 

It quickly became obvious to me that buy and hold made the most sense for me because what I want is cash flow to supplement and eventually replace my income.

Typically you would include a down payment, and supplemental payments each month.

Best  -- Jim  I think the best solution for grandma would be to sell her property and purchase a small condo and use the excess cash to purchase a managed rental property to supplement her living expenses.

Some way to supplement your income faster than savings from your paycheck.

Do you want to cash flow, retire from your current occupation, make investing full-time or just supplement your current income.  

As someone that is looking to buy their first investment and doesn't need supplemental income (also doesn't want a negative ROR) should I just bite the bullet and just shoot for a $1 cash flow and bank on appreciation?

If existing sheetrock can be replaced (or supplemented with) a product like Quiet Rock (sound dampened sheet rock) or Green Glue (sound dampening material that goes between sheet rock / drywall layers) I think you would get a significant reduction in conversations being heard in adjacent rooms.

I have some good automations built out for mine as well that automatically emails my housekeeper when I get a new booking and sends emails to my guests automatically during their stay that I supplement with Evolve.