However, you could still have - cashflow on paper, but still break even or potentially have + cashflow on your taxes.

But digging into old rental listings can help you get a better understanding of what their financials SHOULD look like, and allow you to put a real number on paper. 

It's an inexpensive market, but don't fall for cheap opportunities that look good on paper and details left out concerning the location and the vacancy rate.With the proper guidance, you can grow a successful portfolio with the right team.Feel free to connect if you have questions.

I am beginning to learn that  I may not always find a tenant who is perfect on paper. 

Most investors buy in this space because it aligns with capabilities and are chasing the paper returns that appear better than more stable neghborhoods but its truthfully very difficult to realize gains in this space, especially passively.  

Should I throw in the towel after one successful flip and stick to my day job?

I own a small portfolio of land paper that EJD Land holds but have access to millions to sell.  

It may take a person average $0.5 material cost (card or paper and envelope, ink and postage) and plus whatever cost they view their labor cost is to send one mail out.

I'd suggest reading up on the topic on the forums, where you'll find many examples of inexperienced investors crashing and burning hard trying to do out of state (OOS) REI...the story is usually the same--they had no experience with REI, they couldn't find any cashflowing properties locally, but they saw that properties in other states (often the Midwest) cashflowed well on paper.

And yet, had a guest call me one time and said the beds werent made and looked like used towels.