Buying Properties for Income

Name is Jeff and I'm looking into purchasing rental properties to provide income now and into the future. It's simple enough to buy a property and offer it for rent. I'm trying to determine the best property type I can buy for a rental, and how the numbers need to be for all of this to work out. I'm 47 and consider myself semi-retired at the moment. The only work I intend to do is anything that's associated with any rental properties I control. I'm open to managing the properties myself, or to having this done by a management company provided I'm making enough. I have 1.0M to 1.2M to invest in properties plus a good relationship with a bank that holds it's own mortgages. Credit score is excellent and a non-issue. Bank has stated they see no issue in lending on as many as 10 properties with 20% down, and it's possible they may go above 10 properties. I only initially inquired about 10. They are aware that I just have the cash and the promise of rental income I'll be working with. That and our solid past relationship. I'd prefer to be buying properties in St. Charles County, MO as that is where I plan on relocating to soon, but I'm open to other areas too, just so long as it all makes perfect sense. The properties I've seen so far that I feel most comfortable with for various reasons have been 3-4 bedroom single family existing homes in good, established neighborhoods that are listing between $180k - $200k. Property taxes around $2k or slightly higher annually. Let's start there and maybe someone can tell me what these properties need to be renting for assuming a down payment of 20%/each? I've seen rental prices for similar homes all over the map. Most I would say in the $1,200 - $1,800 range. With available cash I have flexibility in how I proceed. I could simply pay cash for 6 properties and stop there, or I can buy as many as 30 with only 20% down on each so long as the bank is happy with how things are. I can also go anywhere in-between. Which is the best way for me to go with this? Are there any good ways to go about getting a better deal on any types of properties? I know that repos and short sales are made to sound like incredible buys but I rarely see or hear about them. Market value is always sought and if you get a better deal it's generally due to property condition being poor and in need of repairs/upgrades. In such cases I suspect only a contractor is able to save a few bucks. Any suggestions are greatly appreciated! I'm ready to start buying properties but feel I need more knowledge and hard answers before taking the leap. Thanks!
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