The house is a simple two bed one bath with a garage and a fenced in backyard.

What guarantees they'll be made whole in simple terms? 

Let's keep this as simple as possible....Ex 1: 3 single-family rentals, value $300-400 each.

Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements.

I suggest you understand the 50% rule.  

Someone suggested this.I appreciate any input on this.

You can usually find some events by doing a simple google search.

Hello , I have a rental property in memphis and now planning to get second one.I need to understand if I cash-out-refi my first property and put the cash downpayment on second one , Should I consider that as 0% downpayment Or 20% downpayment to calculate if the numbers make sense.Also suggest if I should do it at this point or wait some more time.

Honestly, if you are out of state you should probably be hiring property management regardless of troublesome tenants in the present.i don't know how experienced you are as an investor or if this market you're buying in is one due for exceptional appreciation but realistically $160/mon cashflow is not a move i would suggest in the short term considering you're a world away and any number of things could go wrong that would wipe out a years worth of cashflow overnight. 

Thanks for sharing your knowledge For a rough calculation you could take the annualized P&I payments / the purchase price. 1256*12= 15,072 / 75000= 20% annualized returnI use a simple xls spreadsheet with Present Value (PV) macros to calculate my offers based on P&I payment and remaining term.