Help Finding 1st Rental Property

[Eric Martin]

Hello,

I am ready and looking to buy a rental property in the Fox Valley, WI area. I currently have $20k in savings ready for a down-payment. My question is how do you determine which property to buy? I have a cash-flow calculator I use that I can plug and play with numbers and expenses. Is $3,000/yr cash-flow after all expenses are paid good for a $90,000 purchase price rental home? I've read to look into pre-foreclosures for better deals or deals that are not on the market yet but how do I go about finding those? What would you do with $20k as a starter? What is your workflow look like when going through the process?

Thank you to all!