That's a massive barrier to entry when you're just getting started.

The problem is that your debt payments are going to basically wipe out that $400K profit unless there is room to increase revenue or reduce expenses.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

There are several basic rules for a 1031 for identifying properties, timelines, and uses. 

Podcasts and books are another fantastic way to get some knowledge in and help understanding the basics.

Basically - I want a PM who keeps the property in good shape and occupied to get paid, and a PM who is either bad at maintaining properties and finding good tenants, or just really unlucky, to not get paid.- PM charges 8% of rent, which escalates to 10% if the property exceeds 95% occupancy with rent collection. - PM charges minimal fees.- PM is contractually obligated to perform annual maintenance/inspection to keep property in top shape. - PM provides a cash based accounting report every month, for every unit under management, that clearly labels all rent, all expenses, including management fees, and the net directly ties to the amount of money deposited into my bank account.- PM is a licensed handyman, or has them on staff, and takes care of most unit turn work at a reasonable rate. - PM has no breakup/termination fee- PM does not take project management fees, except on large or complicated CapEx projects exceeding $5,000. 

Some questions for the people with experience: What are some basic landlord problems I will most likely run into?

Flipping it will take time if you have to sell.Plus a home like that doesn't lend itself to a LTR unless there is a demand for high end rentals.What I would like to see is some examples of what you are looking at along with basic numbers you have run so far.

It will familiarize you with the basic terminology and benefits.

Again, if you learn some of the basics, you won't be so nervous about the problems you will eventually face.Start with BiggerPockets Ultimate Beginners Guide (free).