Most of my clients are at 20% with only few exceptions for very high grossing properties and clients with multiple properties with me.

I will need a strong property manager to help me with the out of state management.

If your clients/or yourself put the time into learning and figuring out a niche in the RE world that excites you, start looking for deals that make sense and always run the numbers.

While this guidance provides general steps, it’s not legal advice; an attorney will ensure the process aligns with your specific circumstances.This post does not create a CPA-Client relationship.

For what it's worth, I tried to run your numbers using the proforma I use with my CFO clients and I'm getting an IRR (average annual return) of nearly 23% (see page 2): Kalamazoo Properties

And, again, eventually a strong business model/niche will show its numbers and then everyone will be doing it.

Is it realistic to ask for and expect to get at least 2 landlord references and 2 tenant references (current clients) if I am a " small time" landlord with one property, not multiple units?

A 1031 exchange doesn’t apply, but funding through a self-directed IRA can defer taxes, though profits from debt financing may trigger UBIT.To reduce taxes, consider forming an LLC for better expense deductions, offsetting gains with investment losses, or holding the property for 12+ months to qualify for lower long-term capital gains rates.This post does not create a CPA-Client relationship.

But, they will be in challenging parts of town where realistically you do not want to own property and your long-run returns will under-perform.I'd encourage you to find a balance of sub-market growth, nearby employment, strong income, and only then a good rent-to-value ratio. 

Most of my investor clients considered properties over 1% rule as reference.