I immediately got suspicious and retained these papers.

People are saying its a very thin margin because what you have mapped out on paper most likely wont be the case; especially as a newbie.

@Engelo Rumora  You can purchase single family homes in low barrier markets across the country that cash flow on paper.  

Courses are great if you are looking for high-level "paper experience," but the best way to learn is to jump right in.

In short, it may be more valuable to pursue areas where the cash flow isn't as strong on paper because it's made up for in other problems you avoid with properties in areas that cash flow well on paper at first but suffer from high turnover, a high level of vacant properties nearby, etc.- Check up frequently on the property and conduct walk throughs as allowed by your lease agreement.- Hire a solid property manager who gets paid to keep tabs on the property for you. 

If you're investing out of state, you will almost certainly be classified as a passive investor which just means you can only use (paper) losses to offset income from other rentals/passive activities.At the end of the day though, look at the tax side of things as a nice cherry on top rather than the thing that makes a deal work for you.

New Jersey gets a bad reputation because there are cities with extremely strict landlord laws, people invest in those areas thinking they are getting a good deal because the numbers "look good" on paper, long story short many of these areas are horrible places to invest with some of the strictest landlord laws in the world. 

I'm also trying to keep my eyes peeled for properties that require some rehab (kitchen/bath/flooring/etc).. not major projects.Details: -I have set aside $350k of expendable cash, and I'd like to leverage this.

I own a 1 bedroom cabin worth $615k on paper and it's only 900 sqft.

There are tons of properties here that cash flow super high on paper, but they wouldn't be my cup of tea.