You will have income (rent), but then you'll have expenses: taxes, insurance, repairs, turnaround cleanup, eviction/attorney costs, vacancy factor etc.

Even without a budget for repairs/etc - let's just define "cashflow" as income left over after PITI & utilities for a moment - Mac Groveland and Highland Park are going to be tough.

I would encourage you to break it down into. 1) single or multi family 2) Buy and hold vs flip --I would definitely buy and hold if you have limited knowledge when it comes to property repairs (you can always flip later).  

I have been in the construction industry, mostly residential renovating, so I know how to spot damages, repairs, and/or things that need to be replaced.

You have to understand repair costs, ARV and many other things.

@Zachary EngenMost lenders will allow a cash-out refinance of up to 75% of the property’s appraised after-repair value (ARV), not the purchase price or costs.

Yes - include ALL expenses in your math, including reserves for repairs/maint, capex, turnover, etc.

@Dennis GallagherIt's my understanding that the "Income-Expense Ratio" primarily use operating expenses as the expense variable, which includes costs like utilities, property taxes, insurance, maintenance, repairs, property management fees, and trash removal, all of which are considered when calculating a property's operating expense ratio (OER).You calculate OER by dividing the total operating expenses by the gross operating income of a property.

This means they will have practically complete control over whom to rent, how much to rent for, and how much to charge for repairs, etc.

As a side note, most of the properties I have been targeting were Neighborhood grade C which are quite old and one of my concerns is that I may need to spend a lot of money on repairs and maintenance.I feel that I would need to wait a little bit more and maybe save more for my down payment and try to target Neighborhoods grade B.I’m trying to do an FHA loan and buy a house in my local market but even when I’m targeting properties between < 600,000 (which would be a 2Bed, 2 Ba in a good condition), my monthly payment would be around 5,000 which is impossible to pay for me.So, it has not been easy and it won’t be but I’ll keep looking until I find one property that meets my requirements and helps me to achieve my goals.