@Julie Hill What option(s) you decide to take will be dependent on: Balance sheet  - how many $ are you willing to invest, how quickly and for how long;Time commitment;Risk/return expectations - newbie investor only look @ returns, whereas they should be focusing on understanding riskLiquidity and risk tolerance - closely linked with the earlier point on risk/return expectations.I would focus on picking a niche and taking a deep-dive.

That will determine your best path.

My question is there a formula you use to determine rent in high-value areas (maybe 0.5% of value?)

So many different situations that determine this answer.

A few examples:Let's say I send out direct mail to all absentee owners in my farm area, trying to pick up rentals or flips. 

I believe that water and sewer is generally picked up by the owner in the east side as well, but this may differ if you are investing in single family.   

Seems there is no "common" way to pay yourself since everyone has a different strategy and each strategy will ultimately determine the best way to earn a living.

I'd probably determine that on a case by case basis.For cats, as long as they are litter boxed trained, I don't really care about their age. 

Cash out of LA, pick up a 4-plex, SFR and continue your free lance lifestyle with less stress.

I was there for tenant excuses, 8 pm cash rent pick ups, getting behind on rent, bolting over a weekend, not mowing the back lawn for the 6 weeks before they left, leaving a crock-pot still turned on, etc.