If there is a property manager, your success rate is going to be very low.   

If a dishwasher is 15 years old and the tenant destroys it, you can't really charge them much because the appliance is beyond the life expectancy.To learn how to determine charges for cleaning and repairs, you can read my book in my signature, Brandon Turner's Managing Rental Properties, or NOLO's Every Landlord's Legal Guide.

Reach out to a LOCAL property manager that knows the rental market BEFORE you go under contract! 

For example one person could manage paperwork and another person could be boots on the ground.

Wickman class's were aimed at helping RE agents get to the next level and since my wife was a top producer and managed 70 agents she was very good at it.. 

If you live in CA, NY, Boston etc - the financial difference is big enough.Investing in your home town is always best, you have the home-field advantage and you can buy, rehab and manage a lot more efficiently.

And will you be utilizing property management firms to help out? 

Hey Barbara, I have a property manager I can recommend for the LAIC service.

You can explore bedroom rental also as opposed to the entire unit with 1 party but that is more complicated for management.

@David Kendall Jr, for deals that I am managing myself, I want a minimum $50k profit potential, and shoot for about a 15-20% profit margin, whichever is greater.At the end of the day, percentages alone don't work for me, because my time has a value to it.