Buy a property under the market price. Usually they are in bad shape and need "a facelift". Say you get it 20 % under the market price (how to buy it is a topic for another post - obviously you need some hard work to get one), for example's sake the after repair value of the property is 100 000 euros and you get it for 80 000 euros (if major repairs are needed, then you cannot pay 80 % but less than that). Buy it with cash. Then you have 10 000 usd room for renovation, the cheapest way is to do it by yourself, the second cheapest way is to find someone professional from Eastern Europe to do it almost for free - the former is a good option if your time is more valuable than you pay to the contractor. Finding a good contractor might be a tricky one though. Usually professional contractors are more efficient than you so better to hire.
Good places to save money are for instance cupboards. If the cupboards are fine inside you might want to find just the handles. They should not cost you more than 3-4 euros/piece - otherwise it is a robbery. You get the idea? Just focus on which makes the house looking good, do not spend money on stuff that is not necessary.
In the evenings, give a contractor a cold beer (costs only 1-2 euros if generic). It makes him happy and considering you a good man and he does the best work for you.
Now as you have spent 80 000 for buying a property whose after repair value is 100 000 and you have paid to the contractor 9000 including the materials. Now you find a tenant that pays you 7000+ on annual basis after the utilities, then appraise it with your favorite real estate agent (you can use couple agents also). Go to the bank with the appraisal documents and apply loan of 90 000 euros (some banks charge a little extra if you take 90 % mortgage but the extra charge should not be more than a couple hundreds to 1000 euros) which is paid by the tenant(s). At that point you get your initial investment back and you are ready to find another project like this.
I am afraid you cannot find too many similar per year but also your funds are tied even for couple months so you may not even want to have multiple projects going on at the same time.
This sounds simple but it is this simple. Of course there are some critical points (like finding the contractor unless you do not work yourself).
Finding a good tenant can be also a bottleneck. Despite everything looks good you never know for sure how it will turn in the end (seen this with myself and some collegues).
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