I have a much better grasp of what is a good deal that will cashflow in my market then I do trying to put together any macro economic forecast.  

I'm a big hands on learner, so although I receive valuable information from the sources mentioned above, I will not fully grasp the concept until I actually try it, but i'm hesitant of doing it alone. 

I am still very much a newbie, but I feel like a have a good insight and grasp of what I do know.

ok. everyone uses their particular formula. my preferred is just gross income over purchase price.partly because some investors especially new str folks seem to not grasp the importance of buying low (auctions, foreclosure, etc) and finding the pockets and methods of sustainable high rents.people seem to not also include appreciation or loan payoff.

Basically, if you can't (genuinely) guarantee quick closing - you're not ready to roll yet.Looks like you DO have a good grasp on how to assess comps*, so THAT'S a start.

The concepts are simple, and I grasp them easily, but the reality of implementing this is daunting.

You have a few ways to approach this but you must have a firm grasp of the fundamentals.Also, avoid balloons if you can, they can get you in big trouble.

He/she should really have the best grasp on that.

Once you get the 30 day guide you will have a better grasp on the process.

Keep reading up on the book you have and the ones mentioned above and read them over and over again until you truly understand why the authors are saying what they are saying.If you get a grasp on that before you are 20 you will be ahead of many 40-50 year olds when it comes to creating wealth.