For consulting with a CPA.As mentioned above you can simply take monthly distributions, but what is most important is how you are set up. 

So, if your property has all bills paid by the tenant, you will deduct from the voucher amount the set amount by bedroom count for items like water, electric, gas, etc.

If I did set out to invest in the local area, I would scrutinize the numbers like crazy and be extremely conservative with my estimates.

Processes have been set up to provide a degree of protection to parties  involved in subject to transactions.  

I'd also recommend finding an investor-focused agent in that market, sharing with them your buy criteria, and then having them set you up with an email list for properties that get listed. 

Of course, everyone gets to set their expectations.

This plan covers 24/7/365 troubleshooting services from Lula's experts (such as guidance on resetting a circuit breaker), tenant coordination for scheduling repairs, and access to a network of vetted professionals.Once you're subscribed to Lula, you can set aside a pre-approved amount for repairs, which can be used without needing to contact you as well.

Once it’s set up, though, payments tend to come like clockwork, which is one of the biggest perks.That said, it's important to remember that rent isn’t necessarily guaranteed forever like a lot of folks assume.

If we purchased now and took a few months to get it all set up, we wonder if that would be too late???

The current tenant was already in place when I purchased the building, and their lease is set to expire in a few months.