But, the reality is it's difficult for most renters to afford houses that start at $250k, which is the starting point for most properties feeding those elite elementary schools.  

For example you could be happy with $0.00 to $100 per door in a neighborhood that boasts consistent appreciation but you would be quickly defeated with that same $100/door strategy in a neighborhood where your tenant is just one flat tire away from not paying rent.

I've found I can consistently buy ~$30k properties, rehab for $10k and rent $600-$700.

putting in a similar effort with great work ethic like mine and just churn deals out left and right consistently.

Next up is staying consistent with marketing with my initial goal of 50 yard signs per week. 

On page 3 of http://www.irs.gov/pub/irs-pdf/i1099ac.pdf it looks like the "Who Must File" consists of financial institutions and lenders.

Conventional wisdom and consistent a couple of court findings are that anything more than a year is probably OK.  

Having a consistent banking partner I believe it's crucial to any successful real estate investors that you have excellent partners, that includes banks,architects, attorneys, mortgage brokers and contractors etc.

I find, in India, there is at least one community that consists of many technical workers.

Your competition will consist of fix and flip investors, buy and hold investors, and owner occupants such as yourself.