$130 a month is pretty slim. 

I will say, you can probably cash flow in AZ that's where I'm starting out but it looks like the margins are slim with 1% deals in the Tempe area..maybe better margins in Mesa or the general Phx area.

After paying your contractor for some modernizing touches, you have a slim $2,750 invested.

Direct mail is super expensive and the results are very slim to zero.

As mentioned by @Robert Tinker cash flow will be slim after taxes.  

If you think he is a level headed sort of fellow, try explaining it all to him in person or on the phone.If you are right about him not paying, however, your chances are slim that you will convince him otherwise.

I would think the likelihood of these issues occurring for the first time once you take over ownership are slim to none.

your chance to truly be successful will be very slim if your only looking at $50k properties and that is for any market.  

@Justin HoweSounds like a good plan that is very ambitious - A couple things I noticed:The margin is pretty slim for you.  10k over 2 years on 200k is GREAT if you're not putting any of your own cash in - but if you're putting any money into it you may be able to do better elsewhere.  

As they say;  chances are slim and none, and slim already left town.