My partner and I are looking for a hard money loan right now secure a property and it’s minor updating.

I have a secure job as well if needed to pick up the mortgage or other things if real estate market turns as well.

One of that is to elect slower depreciation method. 

I am a computer geek by training, but I am interested in generating passive income so that my family can have financial security and the opportunity to travel and have adventures (without the day job). 

So while I'm saving and searching for the right property to have as my first investment, I've been doing tons of research and began listening to the bigger pockets podcast which led me here.I currently manage the service end of a new car dealership, but am looking toward the future and some day retirement and want a way to secure financial freedom.

Yes your method was good but you will want to use a rental property calculator.

With that risk in mind, isn't it easier and safer to invest in 100k houses and up and secure higher rents?

Continental and Secured are both good. 

Net income from Schedule C will result in both income tax and social security tax. 

I firmly believe the best start to financial security is to own the home you live in.