I believe GRM can be effective to achieve a general understanding of neighborhoods.

If you achieve that, you're already way outperforming the stock market when you consider the other 4 ways you profit in RE beyond cash flow (tax benefits, loan pay down, appreciation, inflation). 

I truly see this as a "new norm" in the truest economic sense, which means under a free market system 1) it will require a time of resource supply coming amply available 2) new servicers enter of existing servicers in a fight for market share make an incremental discount on prevailing margins, where ample margins exist 3) time, lot's of time for this cycle to slowly incrementally play out until prices come down to a "market" sustained rate that margins don't have that "play" to cut additionally, and we achieve equilibrium. 

@Kelli Loo What you are looking for is by no means out of reach and can absolutely be achieved here in the Memphis market.

@Tristen M Walker I would try to put/leave as little money in the deal as possibly while achieving your minimum cash flow & cash on cash requirements, such as requiring >$150/unit/month & a cash on cash of >8-10%.

How would I go about starting the steps towards achieving this goal?

Let's achieve our goals.

Financial freedom can definitely be achieved in higher priced markets especially with the guidance of a good agent.

What goals are you hoping to achieve? 

I feel so lost on how I should go about to achieve my first rental problem.