And that extra $40-$50k a year will be life changing.

Give yourself 10 years with that 200k and you’ll be set for life with real estate cash flow.

These typically include services like renters insurance, HVAC filter delivery, pest control, and sometimes utility management.

This is not a person who is making good life decisions. 

Looking into my crystal ball - which I still keep in my closet from my previous life on Capitol Hill - neither of these risks have a realistic path to a meaningful economic effect.

Property taxes are 650, insurance 160, outsourced property management takes 10% of the rent, and another 10% of the rent is set aside each month for future repairs. 3750 x 0.8 = 3000. $3000 profit, minus about $2300 in mortgage, property taxes and insurance leaves about $700 cashflow, when I move out.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

Marketing Etc etc I have done this all my life.

Taxes/Insurance- depends a lot on where you are located.The homes themselves- POH or TOH? 

Since I am entering this field in the latter part of my life (63), I do not want 'long-term' investments as I am not interested in making millions, but having enough for the remainder of my life to 'Vive La Vida Loca'!