You would be better served upgrading from your last one and becoming a small partner in a flip where you could bring your sweat equity and some cash and learn on the job more when it's not a family member.

For example, are you looking for something that you can add some sweat equity, and break even at the refinance?

To prepare I would get a good understanding of what each partner can contribute to the purchase (cash/sweat equity) as well as the division of labor.

I’m not gonna sweat a tenant for $50 when theynpaid the whole year on time.

But they are there and have huge views.People want to get rich quick, not sacrifice by living way below their means, working hard, and putting in the many hours of physical sweat to manage and maintain property, or the many hours of due diligence and hard awkward work of truly vetting operators as a “passive” LP.I stay consistent with my personal approach and what I talk about year in and year out.

And at some point, the equation reverses and putting in the sweat equity is no longer worth it.

Also, check to see if the toilet tank is 'sweating' and if the condensed water is not dripping onto the floor.

Quote from @Aaron Sweat: Thank you for the feedback, everyone.

So the affordability was worse for financed properties in the 1980s but the income was higher compared to that cost than now.This may be worse cash flow market ever but value adds can produce large sweat equity, alternate rent models (rent by room, STR, MTR, etc) has never been easier, education has never been easier, there are other RE options other than residential.  

The renters pool can be challenging but there are still cash flowing opportunities especially if you buy multi- family houses that need some sweat equity.