I truly am a newbie and am learning about what is the best way to finance without using all my funds, including of course reading on these forums.

I pay everything including all bills with it.

Lots of folks on here are involved with turnkeys in KC...me included.

These smaller targets include daily goals of 20 minutes of reading(love the BP books) or podcast listening, and analyzing 5 deals a day(thanks goodness the web tools work on mobile devices). 

There are numerous investing opportunities in Scottsdale including single family homes, condos, townhouses, as well as pockets of 2-4 unit multis in prime areas.

That just happens to be a zip code that I like.   60622 includes Ukrainian Village, a great area.

I would additionally have enough to cover 6 months of mortgage payments (including tax and insurance).   

Pretty sure most policies would include loss of use to the renter...

I calculated the cap rate by adding all the monthly income and subtracting it by all the monthly expenses (not including mortgage payment).

This maybe included with your current proeprty mgmt, but could cost quite a bit if that is all you are hiring them for at the end of the lease.