Smart guy with the most practical advice, some great books, and he started in California.

I wish them the best of luck, but I'll bet the execution of that business plans goes sideways and in then end the proforma gets trashed. 

Practice tips include budgeting, saving, and leveraging strengths.

If you catch these at the pre-foreclosure stage as slow pays or initially in default all the better as the bank has less in collection expense.You can still work out a discount but even buying at the payoff it can be profitable depending on the property value.You can practically force a lender to sell as it can fully indemnify them as a full payoff as demanded, continuing with a foreclosure becomes a rather vengeful act by the bank to punish a borrower, they don't want to go there.

Based on the numbers, I am willing to bet this is located in 38126, 38106 or 38112.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

I bet they would jump on it to save the money- or simply help them with social media marketing etc.

I could be wrong, but the only way to make lots of money is to make educated bets and execute them.

While BP has a rent estimator as does rentometer.com (both allow a few free uses, I believe), I agree with @Zachary Deal that your best bet is to seek out guidance from either the listing agent or a property manager well-versed with the area. 

What are some practical actions I can take to get started?