However, this method often fails because it doesn't account for operating costs.

I know I need to find a way to start taking action but don’t quite know what that is right now, I’d love to get some feedback/thoughts on what those next steps should look like. 

(Some of us have more than one...)So here you are.Your first step should be to get the facts and then reassess your options.You'll need realistic and accurate estimates of your ARV, your remaining repair expense, market rent, and total projected holding costs.If you run your numbers and you can still make this work as a rental, then great!

Is this a correct understanding of the major steps?

I am taking my first steps toward FI and am interested in real estate investing.

I currently own a SFR in Houston which is managed by a property management company. But I recently purchased a triplex in Tucson, Arizona, which I plan to manage from out-of-state. I currently live in the Los Angeles ...

If the project seems like it has potential, then follow the steps they give you.

Realtors do this every day.. this is not an uncommon experience.. just ask one who has dealt with a listing that is going through a divorce.. the really hairy ones for me is when I bought at court house steps  and then go to the door to introduce myself as the new owner..

That's why I do "constructive evictions" which includes a variety of methods like asking, telling, threatening, starting the eviction but stopping it when the tenant leaves, etc.

I'm particularly passionate about Wholesaling, flipping and now getting into BRRR method for long term hold investing.