Start with something that needs light to no rehab, get a tenant in there and understand how to manage a property and the true cost of ownership.

However, since you will be aquiring a substancial about of cash, you could look for something turnkey/light cosmetic work.

Interior work included refinishing hardwood floors, painting, laying new tile, and installing new light fixtures.

Trash out, touch up paint, replace carpet in 1 bedroom, replace 1 light fixture, replace burned out light bulbs, lawn service, power wash porches driveway & sidewalks, make ready cleaning, staging and on the market in 2.5 weeks What made you interested in investing in this type of deal?

Since I'm a complete novice, I'm looking for SFH or small MF, preferably turn key with good cash flow to get my feet wet (also open to light renovations). 

In this county there was only 1 McDonalds that close and it closed to move a block away at a traffic light, from there former location in the middle of the block not at a traffic signal. 

I do a lot of repairs and maintenance myself when I come down in the winter and during the quarters I make the trip, but here's just a sample of things I had to pay for in the last year:Pool screening: $985 (big hailstorm destroyed 13 screens)Irrigation repair: $394Irrigation repair #2: $230Palm trimming (twice: $200Pool light replacement: $950And all of that of course leaves out routine replacement of towels that get left at theme parks, sheets and pillowcases, busted blenders, and a host of other things I can't even think of right now. 

After it is clean, keep it unplugged, leave the doors open, lighlty spray it with something like pinsol (nothing to puddle, more like a light mist), and let it air out for a day or two. 

We only lightly sanded/roughed surface of cabinets after a thorough cleaning and time to dry, then we primed with a water base heavy duty primer (we used 1-2-3) and got Enamel Sherwin Williams paint (like $100+ gal). 

I'm not saying the next light bulb won't be invented (it took 10,000 tries) but plan on a long slog to make it happen in real estate.We and our Joint Venture partners use a fairly sophisticated spreadsheet with a lot of automatically input variables and at the end of the day, it is still experience and second guessing the market that works best.