He was offering her a 1% cashback after closing so I matched it to gain her business.

You will not be able to match the brick, but you can get close.

(Call and interview them to find a good match)How many books on real estate have you read in the last 6 months? 

I am from Dallas and i am little partial here but all three criteria matches.

We figured we are a perfect match for the REI world, coming at it from those 2 different sectors.

I agree, the rent should match fair market value, but the unit could use an updated bathroom, paint, & other cosmetics.Are these easy tasks to accomplish while the tenant lives there or should I consider paying for them to live elsewhere during the reno work?

You may also be able to talk with your contractors and home builders and find what they're looking for in a house to remodel, then talk with wholesalers to see if you can match something up.  

I also like @Adam Schneider's suggestion to go to events so you can meet folks and find someone whose style and strategy matches what you are looking for. 

Chances are, you will never have any appreciation in that area, and will possibly have negative valuations in the future, so you'll need cash flows (matching those CAP rates) to make the investment make sense.  

Long story short you pay 187 a month for 10 months and then they match it 4 to 1.