You need liquid assets where if you need the money tomorrow, you can do that without waiting for any extra documents or release papers.

I would like to ditch my paper applications though and join the 21st century with an online application.

All taxes and fees accounted for and reasonable, I'd pay down to 80%LTV with the cash.Buying 5 cheapo hood rentals sounds good on paper, but doesn't account for hassles, risks or financing costs. 

Eh I’d say Your cashflow will not be a true 1250 because your expenses are off  however it is still a great deal on paper and one worth pursuing 

I also don't like on-the-wall toilet paper holders. 

Things to think about:Transient occupancy taxes, inspection fees, business licensing fee, etcUtility costs, which will be much higher than average bc people use your property like a hotelLaundry costsConsumables (tp, paper towels, shampoo, soap, dish detergent, sponges, cleaning supplies, etc)

I literally sat down with a piece of paper and figured out I would need 16 houses with 250 per month cash flow to reach my goal. 

Once they present me the tenant, he/she looks great on paper.

They just send a typed out paper like this:ARV 100KApprox.

Thanks @Andrew Postell, I was getting that feeling. you read it correctly, but It sounded better in my head than on paper.