I am looking out of state for a better monthly ROI to help supplement my own mortgage/passive income. 

Thereafter I’m trying to consider other ways to create sustainable cash flow/income that can supplement the cash flow fluctuations of short-term rentals.

I also like to aim for 1.5% of property value in the repairs/reserves fund.Your understanding of cap rate is not quite right. 

Usually I aimed for friends of mine, which was a mixed bag, and in hindsight I would have tried to be more matter-of-fact about it and had responsible people that lived like me instead of people I liked that were incompatible.

Toledo for example. 30% of the population has disappeared in the last 40 years with the trend line still aiming for the ground.

I would aim for the low 4's probably

So to confirm my understanding then, the Supplemental Tax bill is basically just the difference between the assessed value of the prior owner and my new assessed value (ie my purchase price) * the tax rate I looked up on the auditor's website * a pro-rating based on when I bought the property during the year, right?

I originally wanted to quit when I had replaced my salary, but a couple years ago my wife and I decided that the number we're aiming for in passive monthly income is 10K/mo because at that rate, we'd have covered both our incomes.

Usually my statement will include- triplex and up-max budget 350k to 400k- for 6-units my max is 500k as long as commercial lending approves- interested in newer properties that are already occupied-not to far from major hospitalsI explain that I am aiming to build a real estate portfolio and establishing long term relationships with the intention of buying every year or when a deal presents itself.

If that's the only cash for your BRRRR you would likely need hard money to supplement the down payment, the closing costs, and the rehab.