First rule of being successful in real estate is being patient.On the other side of that, if you want to be a real estate investor and you do have access to capital (which it sounds like your trust affords you) then you can get started. 

What's the point of all the calculations if you cant afford it. 

If you haven't spoken to a mortgage person yet to try to figure out what you can reasonably afford, I do recommend it.

I wanted to live in a decent area that was affordable, good rents, and close to transit.

@Cole Rollen, @Greg H. is correct about there potentially being an issue with getting a government backed loan that has the cheapest financing (meant to help Americans afford to get into a primary residence) and then using it as a rental.

Most of the time the property I think will appreciate are in really expensive areas and then its a little difficult to find one which is affordable and which I think will appreciate. 

Searched for condos in what I was able to afford and stumbled across this beauty.

Searched for condos in what I was able to afford and stumbled across this beauty.

For example, I’m not sure if your allowed to do this but could you be choosing key workers over non key workers as key workers may still be working and able to afford rent?

Thats a bit greasy at best.Thats all assuming that the reason you are pulling out is not because something unexpected was found in an inspection, which would be a totally normal thing if you wrote that contingency into the offer and did in fact not like the results of inspection.EDIT. if you have made offers on multiple properties and more than you can afford accepted, consider taking on a partner or find alternate financing rather than trying to pull out. if they accepted your offers, I would assume that numbers work.