Besides what Jon and Joel have said about high turnover in one bedrooms, I'd add that your tenant quality in the $400 range could be challenging.

In addition, I think having rentals that are not low income if you screen fairly well is going to be less headaches

I dream of creating a Property Management company that specializes in community turnaround services and quality of life improvement for low and middle class tenants. 

The acreage amount would vary a lot, depending on rain fall, location, and pasture quality.

Take 75% of rents-PITI and add to your personal gross income.If you want a conventional conforming loan (best interest etc) use 28% of your gross income for PITI on your new home.There are more aggressive formulas but if want 3.875% 30yr then the above will get you there, assuming good credit and high quality property, and not exceeding 36% gross total personal debt including PITI for home.

REIA meetings are the best place to find quality buyers and wholesalers.

A lot of the backlinks on there are coming from low quality site, sites that have nothing to do with your topic, and could be in a completely different language.

Like mentioned many other places on BP, tenant screening and selection is crucial.

Make sure you open your lines of credits and credit cards now while employedA smarter thing might be: a leave of absence, converting to part time, finding people to do some of the REI stuff, like showing properties, labor, screening, etc.Lots of people don't like their jobs, until they no longer have it.

Also, spend some time to make a great ad as it's your first screening tool for tenants.I find newspaper ads too costly and it's difficult to make your property stand out in so few words.