Sometimes less but this is the standard.If you are holding long term you’ll want long term loan which will optimize cashflow. 

The specifics would depend on my overall plan, the market I'm investing in, and the strategies that are best to use in that market that would achieve the specific goal (at that time) of my plan.

It isn’t the answer you want to hear, but spending more money on a bigger house is literally the exact opposite way to achieve your goals.

You can always pay more and save yourself the interest (even on a fixed rate 30 yr mortgage you only pay interest for the time you have the $s outstanding).If you have extra funds, you'll want to do the math and see if you can achieve a better return by paying off/down your mortgage or acquiring another property.  

To make RE work, of course, you need cash flow and ideally GOOD cash flow (when measured based on say return on equity, or return on cash invested)Unless you've got really deep pockets you should be looking for that 10% + return, if not more.To achieve that from my experience you have to be prepared to DO WORK!

Not sure if this is achievable, although I've seen it based on certain properties on the MLS.

@Sue ZikriaTo achieve your $40k passive income with your starting point of roughly $100k to invest, I would definitely start looking into larger syndication deals on LP side that would give you more scale.

Write down your goals and write down a specific plan to achieve those goals.Of course the answers will change over time as learn what you do and don't. 

Full disclosure, I'm not a CPA, just a tax optimizer.

My goals are to achieve financial freedom through real estate.