@Shay SinghAs a first time investor, start with single family rentals. you can buy using turnkey or MLS route.your local area can present opportunities and you can join local REA groups to educate yourself more.Recession in housing market is given and if you are tapping your line of credit as a down payment, you are leveraged to the hilt. to make $4k net a month, you will need to generate $6k after prop mgt fees and keep a cushion of $2k a month for repairs.real estate investing is great but have to acknowledge that repairs are always needed as you scale portfolios.look into midwest and midsouth areas. lot of reputable turnkey providers and realtors on BP. i am sure you will connect to the right source and start your journey.

I'm definitely open to any good sources of information

If that is the correct source, can someone elaborate on the numbers more for me?

Quick Question: I need some good resources/ online property management sources for drawing up a new lease?

(source: have some [arbitrarily graded] B-to-C grade rentals in similar markets and am achieving long-term returns right around where you're looking)

What’s the first thing I need to do & what kind of sources would I need to be successful in this?

My experience is solely in keeping homes in personal property as i primarily deal in parks but this is my understanding. 

In addition, the person's source of income is very important.

They are typically your must accurate (and valuable) source.

So negotiate with the seller and ask questions to find the true source of his pain.