There are budget-friendly self-management sites that make setting up applications and collecting rent simple and again, you can pocket that 12%.

They have a portfolio of options that sell first to locals for as little as $1,000 if you have the rehab budget and local contractors.

Purchase price of about $1.5M with $300k in CAPEX budget to repair and renovate the units. 

A few examples:PMI if you put down less than 20%HOA fees or budgeting for your own maintenance costsZillow Estimates: I found Zillow can underestimate costs, so I add a bit more to their numbers to get a realistic idea.Hope the process is going smoothly for you!

We are currently considering a wedding/event venue for that purpose.

With a $350-400K budget and your $30-40K down payment, there are markets where this could work, but it might require a bit of flexibility in location.

My wife is an artist /interior decorator too and makes beautiful spaces on a budget, so would kill it with MTR, I think. 

Once you have experience and learn to budget for occasional big ticket cap ex items that every house has whether it’s 100k or 1M, it becomes really hard to make any profit.

The flip or brrrr route could help you grow your capital faster, especially with your $75K budget.

The right wholesaler that knows how to properly calculate a SOW (scope of work) to gain the rehab budget, generate an ARV from local comps and not want to get rich on every deal is NOT easy to find....but, they do exist.