One concern I have is the tenant turn over process and how best to handle the inspection (security deposit), cleaning, keys management, and potential showings for new tenants.

Can I go to a regular bank and get a conventional mortgage for less than $50k? 

The first step is to secure a lender that will allow you to use a secondary source for coming up with the down payment.

However, @Ashish Acharya is correct that in order for it to then be subject to self-employment taxes substantial services must be rendered beyond what is normally included in a regular rental (a long-term rental). 

He puts up cameras and has an on-site meeting with local law enforcement for a “security walk through”.

I come from a middle class background- education and paralegal work are the world that parents knew not board rooms, mergers and acquisitions, and securing millions and millions of dollars for projects.

They have regular meetups in your area.

You can get a much better yield secured by an appreciating asset and that's what most experienced note investors are looking for.

A little bit of background about ourselves: we both work regular jobs and have a very regular middle class incomes hence we thought partnering up is a good idea to bring in the initial investment and also w.r.t dividing up the profits and sharing the losses if any that we encounter.

For some reason no one ever likes to mail anything they want to drop it off so we have a mail box that goes into a secured box to our building so we are fine with that.