There is also no target right in terms of an asset, and you need that.That's a fair point, I don't want to get in over my head but I would like to get some passive income rolling...I just need to know if there's any actual feasible way to get me started in this business at my income level.

At 4.5 stars, you are really hurting in a very competitive market so you might consider redoing the pics, more themed kids bedrooms and start over.

After you look into markets that can cash flow at the 7.5-8% rate. 

Quote from @Elliot Juarez: The city is expensive, but the are smaller markets that make good sense.

If this is your first step into real estate, I would suggest finding a home that needs minimal work and is in a good rental market.

Pittsburgh is a great market to get started investing in.

A lot of times there are some title issues with these types of properties that you'll have to clean up, but they are generally fairly easy to resolve.

There was a time when to be competitive in this market your best option would have been to pay cash, but with current market conditions I do not think that is necessary. 

If you have any specific questions relating the German real estate market feel free to ask.Unfortunately most useful information will only be available in German.

Make yourself familiar with different markets - I personally recommend taking a look at Midwest markets like Columbus OH because of great macroeconomics and cheaper price points.