Then when the first one is paid off, you use that extra money to pay off the next one and so on, until you're snowballing into larger and faster payments...

Lenders and agents may be more willing to handle different areas, but contractors may charge extra or just refuse to go outside of their area.

If you can cover 70% of the mortgage and it's cheaper than whatever your current rent/mortgage payment is now, then you are saving that much extra each month (make sure you factor in maintenance and vacancies into these equations too).

The way to look opportunity funds is like this in my opinion...Use uncle sams tax that you would have to send them anyway to earn a return tax free. 

On my side I am also renting one of my extra bedrooms to a co-worker and I am looking for a second person to fill my other spare room. 

My question is are there landlords that own 250-500 or even more properties, or who earn $1,000,000 or more a year through their properties?

It’s not easy but if you can find a below market value house in a good neighborhood and add value to it (turn an extra room into another bedroom for example) you should be able to make some money.

When my tenants new lease ends next year do you think it would be a good idea to just re-rent the house for more so I do earn a cash flow with a possible refinance?

We have w2 earnings around 200k yearly and good/great credit.

Lets have job titles be for those that earned the position.