I am ok with 1000 to 1200 per month including some principal payment. but not this.

The principals are the same.

Equity is what allows you to scale, not cash flow and it's much quicker generated by appreciation, not principal paydown. 

About 4 years ago we purchased a retail center for cash and after stabilizing the tenancies financed $650,000 at 4% fixed 20 years with this lender.  3 months ago this lender allowed us to wrap their note in a new first lien we provided to a buyer with a 10% interest rate - essentially granting us the right to collect the differential between 10% and 4% on the principal balance (currently $610,000).  

I love Dave Ramsey but I don't follow all of his principals.

And even pierce the LLC or Corporate veil to make the principals of this transaction be held liable. 

These include falsely claiming to have closed dozens of deals when none were ever closed, illegal payment of undisclosed sales commissions to bundlers and independent contractors, advertising the funds as safe and appropriate to investors with obvious near-term needs for their capital, creating fund of funds en masse assembly line fashion with no corresponding SEC filings, unregistered brokers/financial advisors acting in that capacity absent licensure, having customers wire money claim the fund is fully subscribed and putting them into a high yield promissory note, accepting funds from unaccredited investors, misrepresentations about the debt put on the project, lies about experience level of the principals, omissions of material facts, and at least two straight up Ponzi schemes.While it's true that some legitimate operators are having issues in their portfolios, today's circumstances are a perfect example of the idiom, "you can only discover who is swimming naked when the tide goes out."

You'll have to pay rent regardless, so you need to consider that you would already have that expense, along with the fact that you'll get the benefits of principal paydown and asset appreciation (especially by leveraging).Acquire the asset and perhaps focus on something you can add value to, then you'll have a 100-200K equity chunk to play with in a few years when the market accelerates again.

Buy the rock solid rental and get your appreciation, cash flow, depreciation, principal pay down, equity capture on a discounted by and forced appreciation gain for a well targeted rehab.

I work with a lot of smaller syndications/investment groups and have seen some where the principals try to take a 'hands-off' approach and let the machine run.