I just fell into an investment property and I haven't had a chance to really get myself together and brush up on investing ed 101.

There was a static page website with a few bank foreclosure links in the middle.

The metric of determing cashflow based on the static rule of thumb is not an end in itself. 

Being that we are both self-employed and with our income status, I know that banks would brush us off.

IE the Coast type markets.Since rents really don't go up a ton in these areas they stay fairly static along the section 8 lines.. no way to push pricing down to create higher yields when rents don't really move.. so investors have to settle for less return.. in the long run should create some appreciation.. and that has certainly manifested itself on the wholesale side of things with every body and their brother wanting to do that.. and just keep pushing prices.. rehab is rehab those prices have gone up some.. but end of the day the props will only sell for what an investor will settle for for a given cash flow return. since virtually none of this goes to owner occ.. its more commercial in nature.

Do not buy anywhere if the state or metro populations are static or decreasing.

If rents fail to pace with the cost of living, your financial independence will be short-lived.Long lasting: Your rental income must last a long time, ensuring that you do not outlive your income.Reliable: You must be able to depend on your income every month, even during tough economic times.Now that we have defined the requirements for achieving lifelong financial freedom through passive income, we can determine the necessary criteria that a location must meet.When Rents Keep Pace With the Cost of LivingIn real estate, prices and rents are determined by the imbalance between the number of buyers and sellers.When there are more sellers than buyers, prices decline until there is a rough balance between the number of buyers and sellers.When the number of buyers roughly equals the number of sellers, prices are static or increase at a slow rate.When the number of buyers greatly exceeds the number of sellers, prices increase rapidly.Rents follow prices.Higher prices reduce the number of people who can purchase, increasing demand for rental properties and increasing rents.Lower prices enable more people to purchase, decreasing demand for rental properties and decreasing rents.There is a lag of 1 to 5 years between price changes and corresponding changes in rents.

At the risk of painting with a broad brush, inherited tenants almost never work out after the building changes hands. 

Learn to brush it off and keep moving forward

I'm part of his free Facebook group and also I watch his Youtube videos to brush up my real estate skills.