How much will you spend in repairs on a 1920's house with renters ? 

We've started looking into real estate because we want to use our valuable time to invest in our kids as they grow and invest in our local community through volunteering, not spending all of our time working 9-5 for the next 20 years.Our goal with Bigger Pockets for this year is to determine our plan for investing, and then make our first purchase.

However, I’ve witnessed cases where the investor went “all in”, spending and losing many millions.  

There's a specific forum for House Hacking.You'll want to spend some time reading through there as it's a common topic.

So basically $2M annually.So I could spend $200k and make $24,000 in a year, or I could spend $200k and make $2M in a year.

Unless you are planning on investing in your back yard and have extra time to spend, getting a good PM is very important.  

If they are struggling then money they spend in one area affects their ability to pay other bills like rent.

Every time I change cleaners, I spend at least 3-5 hours retraining on my processes and expectations and even then things are missed.

@Wells H. you can spend DAYS driving through Detroit!

Option B who cares don't spend your time vetting deals for a premium put it in a CD or index fund and go make more money.