This will enable you to increase your savings rate and allow you to focus on putting that excess in markets with both growth and cash flow where the numbers do make sense. 

The other scenario you may want to think about is a shorter term rental strategy (Air B&B) or renting mid term to hospital workers/professionals for several months at a time - that may be more lucrative on the income side and enable cash flow, but then again you have the ebbs and flows of how often you can rent it out.

But this face-to-face interaction enables me to detect if the individual is full of #$%t!.

It enables you to get last minute bookings for a couple looking to get away.

It is easier to work with their marketing and operation standards.You should also be talking to large hotel management companies; which will facilitate your ownership of larger properties, with their proven expertise offered to you, to enable the better hotel franchise companies to give you the higher-end franchise.

Caleb, be sure to get an Assignments of Rents document or rider executed that will enable you to receive the rental income in a default situation.

Just like how the ultra low rates have enabled "too many" people to become homeowners, its created this flood of investors who couldn't invest before to use enhanced cash flow to enable them to invest and attempt to scale.While I haven't read the book you cited, I'm guessing it started with appreciation for wealth generation, then you switch over to larger apartment buildings for cash flow for your retirement. 

This would enable you to get into the property using an FHA Loan (3.50% Down Payment) with  a total out of pocket of about 7.50% Of the Sales Price. 

But others will do the smaller loans, no question.Clearly you need a temporary solution while you do everything possible to repair your credit to enable a permanent and low-rate loan down the road.I assume you've already looked at options of a private family/friend lender, credit cards, or borrowing against your 401-K (this is free, you pay the interest back to yourself).Given your large down payment, you might be able to find a local bank (possibly where you bank now) that will do the loan.

2) If you can't get that dream job, get a job in your field of study that will enable you to excel and climb the ladder.3) Be frugal.