What is more important to you @Nithin Kumar...the cash flow, or the appreciation?

I appreciate all the info though.

Quote from @Victor Yang: If I gift a house, what amount will go towards the lifetime gift limit, the amount i purchased the house for, or the current FMV?

You'll likely want someone that can handle A to Z with marketing, pricing, cleaning, maintanence, decor, websites, reviews etc.

The old adage is "marry the property, but date the rate" meaning that if in a few years interest rates are lower you can refinance again into that rate. 5.

What I usually see is that they start with the average $/sq.ft of the sales price in the area.

As I see it, the only ways that real estate pays you well in the first 3-5 years is low to no leverage or a strategy that requires more work (short term rental, mid term rental, rent by the room, etc.).  

You understand some of the basic concepts, but also have some giant holes in your plan.

Unfortunately the short and mid term markets are slowing down.

Then follow the rest of the advice given here.