I would try to find sellers who are open to owner financing or pre foreclosures with some equity where you could take over their payments subject to the existing mortgage. 

I'd be able to cover the loan payment based on what I'm typically offered for a housing allowance.

I currently have $60,000 in cash at my disposal and I plan to use $50,000 for the down payment and rehab of the first property. 

And - really shaking my head on this one - why would you NOT be looking at notes and other types of investments that could not only be something for your money to do while waiting for their next outing as a down-payment on a rental but could actually speed you to that destination by growing your money pretty predictably?

Just include that amount in your monthly lease payments.

Example:  Purchase price = $250,00020% Down = $50,000Rehab = $50,000Cash required = $100,000 plus closing costs Mortgage =$200,000 (4.5% APR / 30 years)P & I = $1,013Rental Income = $2,500Expenses (50% rule) = $1,250NOI = $2,500 - $1,250 = $1,250Cash Flow = $1,250 - $1,013 = $237 per monthDo not forget the HELOC paymentIf you do the BRRRR strategy the difference will be in your mortgage payment.  

Since if I plan to submit a lot of offers, I don't want to keep on modifying Word Document everytime especially if I want multiple offer Cash, Owner Finance, Monthly payments etc..

A property that would generate a ridiculous $500,000+ in cash flow each year, even after loan payments.

If i put down 70k as a down payment my mortage would be $1200.

An option must be for a stated period of time, try 99 years, lol.The issue isn't at the state level, it's federal and with the IRS, as well as CFPB then financing if you apply payments to any purchase price.