How would you create $500/mo in Phoenix?

[Jeff Bethke]

I have a short term goal to create $500/mo in cash flow in 2016. I live in Scottsdale and am looking at outer areas of Phoenix metro for my first deal. For any of the veterans in the Arizona market, given the current state of things, how would you create $500/mo in cash flow? Some area of interest are San Tan Valley, Central Phoenix, Goodyear, Surprise and Queen Creek. Have access to roughly $40k in cash, lender is on board, and feel confident I could manage a basic rehab given my support network. Thoughts?