I'm currently looking almost purely for cash flow.  

I don't have much of an idea where to look for deals where I could get a little more actively involved rather than being a pure passive investor.  

Its your first home, so don't get to tied up on pure cash flow.  

You're right on the money with the ROR question, it's purely time and experience.

Assuming you are financing this property, you probably cannot borrow at 3.6% or less, which would mean that the return on your invested capital would be less than that (possibly negative)Unless you know something hidden, like they just struck oil nearby and you have the mineral rights, (not trying to be harsh here....but) this deal seems purely speculative.  

Leaving your startup money purely for rehab and 10% of the purchase price of said property?

I met a guy online through a real estate group (Purely business) We used to discuss the difference between the NY and Texas market.

I'd echo what others have said, and from purely an investor's / business perspective, Texas is very landlord friendly and pro-business.

@Jesse Wixson,Purely my opinion...Investing for appreciation is speculation (read: gambling). ...and equity doesn't pay the bills. 

Do FHA, live in one unit for 2+ years, then turn it into a pure investment property.