Then you start the whole process over with that property while you wait for that first property to season a bit so you can demonstrate an intent to hold. 

Wait for more foreclosed multifamly to come up for auction and go buy one for cash.

For once, I agree with über-annoying real estate Guru Dave Ramsay:“If you’re thinking about buying a house… and you’re waiting on real estate prices to come down or interest rates to drop, don’t wait.

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The lender mentioned he overinflated everything, so there are no surprises, and that I should expect a much cheaper final closing cost. 

On top of that, as has also been mentioned, it'll never truly be "mailbox money" because you do still need to manage your property managers, especially when it comes to capital expenditures.My personal investment forte is 2-4 unit buildings, and in my opinion they are by far the best asset class for new investors.

I believe all that's ever been mentioned on the topic is a "reasonable" salary.

BTW: someone mentioned that PMC's should have GL insurance coverage.

Dont forget to mention you can do a 1031 exchange into a Delaware Statutory Trust (DST)

With the right tools, a dash of courage, and a vision for the future, finding your dream home isn't just a possibility; it's a promise waiting to be fulfilled.