I had to sit down to really think about what I wanted after retirement and I want passive income.

It is for a down payment on a franchise to then turn around and support the MHP with painting services.

Have > 2M equity in existing properties I could maybe tap and enough liquid net worth to make a down payment.Expecting to put 20% down.

Some old run down never renovated unit is NOT the same a a newer nicer unit with the same bedrooms, baths and square footage.

That person already had that money spent in their head even before the property is sold

Personally, I negotiate for better price/seller credits + put more money down to min 1:1 DSCR and keep it gucci. 

When the interest rates do go down, I should be able to reduce the deficit or may be even break even.

Therefore to someone else that has to pay for labor, maybe the labor cost is a deal breaker for most.If you inspect the house and triple check your numbers down to the screws and nails, I do not see how you can go wrong. 

Communication, honesty, transparency, humility, and a good head of hair.

Real Estate is a team sport though, and having a good agent or two on your team you can call on will be useful down the road.