You will have to decide what the break even point is for your goals.Just remember when you use this strategy cash flow is normally lower than it would be with a standard Buy and Hold deal.  

I remember a month or two after again the forth home I was drop down broke.

So after a full year of making offers every week (ouch, I remember what that's like) would this have made a decent rental? 

Obviously no one will remember your number driving to the cinema, or restaurant.

Remember to vet property managers thoroughly, they're the ones watching your money/property if you're not local, they'll make or break you.

Remember, in the Karate Kid,  Daniel-san had to become the right kind of person Before he would enjoy success in his chosen endeavor. 

Ideally, he would put up the money for the purchase and rehab costs, I’d run the project and then pay him back plus profit after selling it.

If I can find one with good cashflow, that would be ideal.

What I would find ideal is to partner with a contractor, use some of my funds and some of their funds (or their investor funds) to finance the build.

Learning from those with experience would be so ideal.