I'm looking for an investment with some play money…with hopes it might turn into something seriousCarlos

So I'd like to play devils advocate against myself here and see if you could help me see the light or where my logic is flawed. 

Think about it like playing the guitar, or any instrument, you are not going to be able to just pick it up and automatically be able to play whatever you want. 

For instance buying a 50k rental in the mid west may be small change to some so they say what the heck I don't need to see it I will shop just like I shop at Amazon and buy it basically on line.Others will spend much time and money checking it out.. flying there and making certain its for them.I do think one way to dial for dollars is to contact those that bundle it up for you IE turn key type companies.. and I think a lot of time can be saved by talking with a few reputable PM's in a given market.. they will for sure be able to tell you were the management intense areas are.. and one's that are easier for them to manage. ( Ie code for quality of tenant) 

It’s hard to articulate a number, but I feel confident saying that the appreciation play in EP is a pretty solid one.

The best way to explaining this is for you to download an IRR calculator spreadsheet or build your own simple one and play around with one.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

Maximizing profit also maximizes work - there's no free lunch in life - so I play it by ear.

if so, how did you play that? 

This play only occurs about every 10 years, thus you need a job so you don't get bored.3. 

It is free market at play.