Also, your total returns go down without any leverage because you lose the multiplier effect of appreciation.Now, to answer your question.

You can use Airdna & other STR estimator tools to get data on potential income/vacancy based on your location and property size. 

What makes it slow in this case is that you don't really start seeing real cash flow until after year five but it's more effective than rentals in that there is little to no maintenance.Sure you can live in a home while fixing it up with the intention of selling it for a nice profit later but I think many people are already doing that and the buyers of slow flips now also have that opportunity without having to qualify with a bank.

@Otis Clayton To partner in real estate effectively, establish a clear structure like an LLC for liability protection or a Joint Venture for single projects.

He even made a tool for financial analysis.

Net effect, typically, means distributions are not taxed in current year, but do lower your basis resulting in larger tax bill upon sale.Depreciation reflected in the net gain/loss from rental box on K-1.  

Did not know about tools on how screan tenants.

Setup all business tools like a CRM, MLS access or RE software suites a webpage digital business cards a Facebook business account. 

There are rental management tools like Stessa, Baselane, Innago, and many others that include income/expense tracking that handles all the accounting tasks and reporting you really need for rentals. 

They are one of my favorite tools.