You are competing against people with deep pockets that don't need double digit returns for this to be attractive to them.    

So if I converted my garage to a living space, I would have to build another designated garage/carport.

If you're remodelling any way, you could maybe find a design that works.

I am in the process of designing the site on paper as to the type of content I'd like on there. 

Of course postage is the same per piece, but design cost -- assuming you are having a professional design the piece -- is a flat cost, so that goes down per piece as the printing quantity goes up.Best of luck ...Brad SrebnikAurelian Design

Build a quality, tenant attracting property, build that cash flow, and then go rinse & repeat.

Then I would lease the property for $3000/mo designating $2000 payments to the loan and $1000 to the seller until loan is paid off (approx. 9 mo) at which time, I would exercise my purchase option on the balance. 

The more people you serve, the more people you will attract.

You must screen and attract good tenants. 

Equity deals in multifamily seem especially attractive.