This is consistent with what I know from both markets, where members and I have SFR and MFR property. 

What are some reliable/consistent methods that have worked for you?

(on the chart the monthly mortgage fee is multiplied by 4 assuming I hold the property 120 days)Or is it realistic to be able to find a 250k home that needs almost 40k worth of work for 160k?

Take a dollar cost average approach and just buy consistently over time and it’ll all average out.

Reviewing the policy it looks like the premium is set to ~600 for both houses, but I can't get the bill we got to square with that if I multiply by 12, 4, or 2.

It doesn't have as high a rental income as self-storage but the consistency of the tenants and the lack of hassle makes it very attractive for many. 

I'd humbly suggest you use the next few years to build a stellar team consisting of a top-notch accountant, real estate agent, and lawyer. 

I have been on and off over the years in marketing and know the #1 factor of your success is consistency. 

How is this possibly consistent with the drive and persistence displayed so far.

The benefits include being able to had direct access to MLS to run comps and to have a consistent flow of market properties in front of you.Analyzing those deals is another story.