I would love to find some government grants or low-cost loans because our town needs good quality rentals. 

Conventional loans do not typically require residence.You just need to make sure there is NO pre-payment penalty for paying off the loan early.Also you will need all the repair money and carrying costs available in cash/credit. 

Have the exact area, property, price range, and repair cost in mind.

Stop issuing 1099-MISC with box 7 "non-employee compensation" instead of box 1 "rent"Stop including refundable deposits in rent incomeProvide annual reports clearly delineated by propertyLearn the difference between maintenance, repairs and improvements and report accordinglyReport insurance reimbursements separatelyProvide supporting documentation: itemized contractor's invoices, insurance adjusters' reports etc

One thing that I was not sure on was how to estimate the repair/rehab costs for the calculator without actually seeing the property.

I currently have a buyer under contract out in Oak Forest, near Garden Oaks & you can actually find a decent/ single family home in need of minor cosmetic repairs.

@Cameron Strong Do you have a contractor's estimate on the cosmetic repairs? 

The second is that the area has many airbnb rentals but most are of very low quality but screw the metrics. 

I do it too, so no worries.Bottom line is with the quality and amount of free or cheap education available on the internet, there is NO reason you would ever need to spend $50K on a guru program. 

Let's also assume this plays out across several properties, so we can safely utilize a market cap rate of 7%.Assuming your building is identical in terms of unit size, quality, location, etc - You have 14 units with market rent of $1k/mo ($168k/yr PGI).