Usually people with good credit, income, can get funding for light, cosmetic rehabs (kitchens, baths, paint, landscape).

not in Alabama, not in California. think about a down payment, closing costs, light repairs, rent ready costs, commission to the property management company, then you fix a dishwasher, then in year 2 the furnace goes. 

true cash flow is only going to come either (1) after many years of ownership, when the property is stable and rents have gone up; or (2) with a completely different, probably tougher strategy or niche.think about a down payment, closing costs, light repairs, rent ready costs, commission to the property management company, then you fix a dishwasher, then in year 2 the furnace goes.

Avoid putting in cheap items and put in more durable - tile vs carpet, mini blinds vs faux wood, lights instead of ceiling fans.

Potential Middle Ground: Consider Renovating: Instead of selling, you could do a light renovation on the older property to increase its value and attract higher rent.

I too usually tell people to start with more of a turnkey property or a light cosmetic rehab.

You can put less money down (allows you to put money towards more properties), live in the unit for a year, add some light renovations, and refinance.

White is also still popular in flips due to buyers being able to change it easier upon closing or if lighting is poor and the space needs to be brightened up.  

On the positive, your losses are light. 

Not meant for doom and gloom but meant to shed light on our profession.