Once you own it in an entity, conventional residential financing (which I assume you refer to because you said 30 year) won't work. 

I mean, I know what the MA gov website recommends but is it actually common practice to spend that kind of money on every rental property you purchase that has lead in it?

This is true if the duration is 5, 10, 20, 30, 40, 50, 60 years; it does not matter what number of years you want to start the basis at.I do not know your current living situation but knowing that I am pro investing local this is what I would do: 1) Look for a detached duplex local (in OC) that has sweat equity but can still qualifies for an FHA loan.   2) Purchase the detached duplex using the FHA loan (at 5% of FHA down your $50K will go a long ways) and house hack the duplex living in the more thrashed unit 3) Rent the "bettter" unit while referring to yourself as the Property Manager (not the owner) 4) while you live in the more thrashed unit I would work on earning the sweat equity (rehab the place) 5) when done rehabbing the more thrashed place I would consider if I want to keep the tenant of the other unit. 

They are jobs.If you want to create a low effort income stream (I would not refer to even buy and hold RE as truly passive) then BRRRR is a good approach. 

Sometimes this results in me referring a good realtor to them, and sometimes this results in me getting to the real reason they are looking to sell to an investor. 

Any references?

It’s up for bid in my area on the county’s website.

Having frames of reference for investors to quantify risk helps ensure that the investment matches their needs, goals and tolerance.

A web site to get your leads to mail to?

@David Huynh  It sounds like you are referring to funds in your current employer 401(k) plan.