You're just going to stretch yourself even further.You can barely househack, with $140k annual income, massive amount of debt and terrible credit score you're not going to qualify for much.

There is a good chance the walls sit on bare soil and do not have propper footings underneeth. 

I'm a total newbie, so bare with me here.

The collective wisdom, experiences, and strategies we share are crucial as we navigate collectively towards a flourishing future.In ConclusionThough the prevailing economic weather is fraught with obstacles, it also lays bare opportunities for those prepared to adapt and engage in deep analysis.

I think you need at least $10,000 in reserves, or bare minimum at least enough to cover a month and a half of rent, utilities, and any unforeseen maintenance issues per property.

I would still be positive cash flowing, but just barely.

I don't know about you, but in 30 years I'd rather be sitting on a million-dollar asset that I own free and clear (because someone else paid it off for me) that is generating multiple, multiple times the rent I was collecting when I first acquired it and in which I can fill a vacancy with a qualified tenant within two weeks because the area is so desirable that it can't keep up with housing demand than on some boondocks asset that I only purchased because it was the cheapest thing around and "cash flowed" $200 per month on paper but barely appreciated over the years and whose rent appreciation has marginally kept up with inflation and takes me three months to fill a vacancy with a "qualified" tenant who even then might get behind on rent because his hours were cut at the gas station 30 miles away (true story; my tenant worked at a gas station in Boron--only job he could find).Personally, I'm keeping my 4-unit in Santa Clarita and investing in development deals and notes until an incredible off-market deal lands in my lap (keep dreaming, Logan) or the SoCal market cools.  

Barely a rounding error in all of this.Obviously, not everyone is comfortable with that kind of leverage, and you're right that someone making 70k a year just doing it once for an extra 12k on their tax return it may not make as much sense for. 

They barely know where the buyers and sellers are supposed to sign. 

Yes people buy them and then move away and rent it out but their cash flow is flat, negative or barely positive because again, they're not rentals.Plus HOA hit you with fees for renting out your unit, annual paperwork fees...they're a headache.