Then in the future when you have 10s of thousands from it, that would be a more appropriate time to drop a couple thousand on the mortgage if you want.  

While some deals may be negative cash in the early years, the area growth will push up both rents and home prices tuning the deal positive within a couple of years.In your stated price range (200K - 300K) you are likely to find some SFH and some TH but mostly condos (which are totally a cashflow play as they appreciate last).

I have heard a couple stories (admittedly not a lot) of OOS investors that bought a property with tenant and management in place.  

If you don't know what the repairs will be or how to figure them, get a couple of contractors to come walk through the property with you and give you estimates until you learn how to figure the repair amount for yourself.So the formula to use is this: ARV-35%-repairs= Your selling price(This will tell you how much to sell the property for to a cash buy/rehabber)ARV-35%-repairs-your profit= You maximum purchase price(This will tell you how much to buy the property for.

As a new agent, I suggest going with a big brand name brokerage that has good training like a Long & Foster (Who I work for), Keller Williams, etc.

An old roof that may need to be replaced Ina couple years is not a defect.

Are you asking if we would advise you to pay 57k for a home worth 40k which happens to cash flow a couple thousand a year?

Have done a couple re-habs in the past, interested in the same as well as rental property.

We had a couple of interior punch list items, like a broken closet door, but nothing serious.

I'm brand new to REI and have a question about how to use limited marketing dollars.