This may seem simplistic but you really want to know exactly the types of houses that you want.

I repaired (I think...) a refrigerator last weekend.I also have a W-2 job that pays me about 45K a year, but it has excellent benefits and I enjoy working for my boss as he is very lenient with my schedule.So, here is my issue: My simplistic game plan of buy/fix/rent needs to evolve. 

At a minimum, your best bet would be to use your time to figure out how to answer all such questions before getting your hands dirty.Not only is this a very simplistic example, but even considering that there are a number of other questions that could arise, especially as you add the complexity of legality in real estate. 

I thought the example was meh.. but could see how such a simplistic view was appealing to many. 

Built in property manager with a simplistic model to land lord.

The most frustrating thing is how simplistic much of it all is, it truly is simple, yet never done. instead, wildly complicated gymnastics of BS is what happens, because that's what makes a person who earns $144k a year, MILLIONS per year, seeming by magic. 

It's all out there and easy enough to find.I'm probably thinking too simplistically, but money is all about the spread and if I can increase my spread some way, I'll do it.

Reason's I've retained:Minimize your own cash in a deal.Use someone else's cash to buy a property (the bank) and another person's to pay off the loan (the renter).Buy more properties (simplistic example: buy one 100k property cash, or finance four 100k properties). 

I don't personally looked for highly distressed assets so the calculations are pretty simplistic at the end of the day.  

My simplistic take on this, the bank is lending you the 56k to pay back in 30 yr (typically), with the house as warranty that you'll pay (in the form of a conventional mortgage)...