I looked at several types of businesses, restaurants, dry cleaners, laundromats before purchasing a auto repair and servicing center that's been around for years in the neighborhood.Margins can vary tremendously based on business, economic, local developments, and emergence of local competitors.

@Tom ClellenBeing a contractor you bring tremendous skills and experience to any partnership.

And also a tremendous value add when partnering.  

As a lifelong resident and contractor, I suggest " hitting 'em where they ain't, so to speak".There are certain "adjacent" communities that offer tremendous value to buy low, renovate wise & hold for high cash income.

There are tremendous cash flow opportunities all around western PA. 

As an out of state investor, she is a tremendous resource with 18 years of real estate experience.   

There are areas of Austin where the schools aren't that great and the appreciation rates for nearby housing is tremendous.

.- They gain acquisition, project management AND property management experience - all which will help tremendously when its time to scale and grow the portfolio.- NYC properties appreciate higher than most parts of the country - of course, this should not be relied upon.

If you don't mind ghettos and cheap properties in declining areas, your supposed cash flow may look great but your risk is tremendous.

Congrats on taking your first steps to getting into the real estate game.I run a meetup here in Pittsburgh where we have many people (investors, agents, contractors, etc.) come each month that would be able to provide you tremendous information in-person.