Or some external factor out of your control like a huge company moving in closeby could raise property values and rents, or an oil spill could really screw things up. 

Control everything you are responsible for until you can support somebody else.  

Taxes, property management fees, insurance, heating (this old building uses oil heating), 10% of rent per year to maintenance, snow removal, pest control, etc add up to ~$29,000/yr.

I am 100% control of my investments this way and don't have to worry about foreclosing on an NPN.

People act as it I control taxes and insurance and they can't afford to pay that much or at least some shining stars have done me that way.

Here are the two analyses: Initial Investment Purchase Price $89,000.00 Closing Costs $2,225.00 Renovation Costs(allegedly turn key) $3,000.00 Total Investment Costs $94,225.00 Financing Costs Down Payment (%) 20.00% Down Payment ($) $17,800.00 Mortgage Balance $71,200.00 Annual Interest Rate 4.00% Loan Term (months) 360 Total Invested Capital $23,025.00 Fixed Monthly Operating Expenses P&I $339.92 Financing Charges $0.00 Administration Fees $12.50 Property Taxes $197.08 Homeowners Insurance $111.86 HOA Fees $0.00 Fixed Monthly Total Costs $661.36 Variable Monthly Operating Expenses Property Management $157.50 Advertisements/Referrals $65.63 Vacancy & Collection Losses $131.25 Capital Expenditures Replacement Fund $50.00 General Maintenance Fund $50.00 Temporary Utilities $10.00 Pest Control (Optional) $0.00 Lawn Care (Optional) $0.00 Total Variable Expenses $464.38 Total Monthly Expenses $1,125.74 Annual Operating Expenses $13,508.86 Operating Income Monthly Market Rent $1,575.00 Annual Gross Revenue $18,900.00 Monthly Profit (or Loss) $449.26 Annual Net Profit (or Loss) $5,391.14I present to you such a thorough analysis in the attempt to make sure I'm not making any glaring mistakes!

In hopes of financial freedom and a self controlled lifestyle I have decided to focus on REI as my main business venture.

You'll have the MLS access and full control in the  execution of your plan.  

Open space may not work well due to control over the individual tenants.

This is the question that I feel many are downplaying by simply sighting that rates are low in an absolute sense within a historical context rather than looking at the relative value and risk of all other alternates of today, which is historically unprecedented.Personally, I'm concerned for those that seem to think they have total and 100% control over their total returns in REI, or anything else for that matter, regardless of what the market does ... while I do try to isolate what I do know and have control over from what I don't and focus on the part that I do, having been through the last downturn I try to maintain a bit more humility and margin for error around the vast portion that I don't.