We want to purchase our first rental property but the typical single family home in this area is about 650k, so down payments are massive.

However, when the Fed decides to try and slow down the economy with massive interest rate hikes the situation changes.  

Vacancy isn't a massive concern for me at this stage either, but I plan to scale significantly in the next few years, and want to limit all possible expenses.

If this strategy works out, maybe $7-9M in equity + $850K cash flow I don't think I'd have much fiscal stress in retirement. 

Added massive repairs to the property to make it in pristine condition for tenants.

@Ram SrinivasanI want to invest in Turn-key real estate as Lethbridge has a horrible RV ratio, and I have yet to find any turn-key real estate companies in Canada that don't require massive down payments and have a very weak ROI compared to what I can get in Kansas City, Atlanta, etc...

A fiscal crisis and an economic crisis aren't the same thing.

RE is a slow game make a plan and stick to it revisit it each year and adjust as needed, but you shouldn't be making massive changes in your strategy. 

We have no where near the enough supply at least here in San Diego for there to be a crash let alone a massive correction. 

Other than the massive foundations in Hood river because of wind and the raising the houses in Charleston because of flood.. they are stick built.