My view is probably a fallacy as I have not factored in closing costs, home repairs, and the down payment into the equation.

Tenant screening often seems to get overlooked because landlords know the income is automatic, but the problem becomes the repairs and maintenance. 

You can certainly ask the agent who helped you purchase the property for advice too ;)Since you are using a PM to run things, I don't see any need to meet anyone except your PM and the contractor/handyman you plan on using for repairs/updates.

I asked one of these coaches who said her rental income is $140,000 a year if that is the gross rental income or net rental income (after mortgage payments, property taxes, insurance, repairs, vacancies, capital expenses).

Then do no repairs and sell the property to investors paying off the property in 5 yr's.

The last thing you want is a brand that will take 2 weeks to get repaired if needed.We have Maytag units in our lake house and they have been rock steady for 7 years.

The property is a duplex with an ARV (after repair value) of $700,000, making it a strong deal.However, I want to ensure I’m not overlooking any potential red flags.

But we already get deductions for maintenance, repairs, and improvements.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

My research guided me to form an LLC to hold the properties during repair/rehab (I am buying properties that need major fixing) and move them to another LLC where I will be collecting rent.