I think the main people who are replacing their current job or income with cash flow from rental properties are buying cheap houses with leverage. 

Plus there is plenty of vacant inventory to pickup cheap.  

A cheap plumber usually charge a few hundred to scope the toilet and lines to street to check for problems.  

A couple successful deals might buy you a cheap car, and renting and figuring out the area is always an option.

2700 is a very cheap price for bathroom renovation. just make sure that you get reference before you hire them.

Barring the ability to pick up a cheap place in a good spot, I try to get the vibe of the neighborhood.  

It's not going to secure your delivery date, a good, solid contract with stringent penalty clause will.

I'm going out on a limb here that you are in NY city and prices are not cheap there.

Cheap mortgagesI’m also hearing positive comments from experts within the overseas property industry.Spanish banks are still under pressure to dispense with repossessed properties ‘as speedily as possible to balance their books,’ as one experienced estate agent who sells these kinds of properties for one of the largest banks in Spain commented to me.

Sometimes I see investors from California buying 10 cheap houses half way across the country and wonder why they don't just buy a nice duplex close to home.