Essentially there are investors out there that can build a large enough portfolio with little debt that can cash flow enough for a great life.If you want to scale to many properties then you will want to consider leveraging your existing properties.

Would you be able to give for information.Some question I might ask: Can you get access to the land or is it surrounded by other people property?

I do not believe I have mineral rights on any of the properties I own, but I share in mineral rights on property that I do not own and have active extraction and receive 2 monthly checks (different operators).  

$400,000 seems extremely high for a rental property.

I'm looking to connect with like-minded investors in the Tri-County Michigan area who are focused on multifamily properties.

It’s looking like this will cash flow neg just with est mortgage payments plus insurance and taxes of $1100ish (after renovation), property management of $120.

I would think that MTR is same rent as LTR if the property is unfurnished so definitely confirm your numbers there. 

It only applies to residents living in Jerome Village so for investors, it would only apply to rental income from Jerome Village properties, not your entire portfolio or out-of-state income.

I'm finally ready to take the plunge into real estate investing and am super interested in the potential of short-term and mid-term rentals.I'm drawn to the idea of creating passie income .Right now, I'm trying to narrow down my market ( North carolina and Texas)and learn the ins and outs of STR property analysis.

Maybe you can help the investors you meet with all the miscellaneous tasks involved with investing like picking up rent checks, turning over properties for new tenants, or even just driving by occasionally to make sure their properties are in good condition.I'd also recommend spending a lot of time looking at all the homes you're targeting in your area, both online and in person.