Even if it gets a little worn out they have rejuvinators that make it look good enough to rent.

The question for me is going to be if Tokyo is the best place to start as I have heard the returns here are good enough to justify the huge price tag. 

I found that was a good enough to do about a dozen deals per year but I kept hitting a ceiling around 12-15 transactions annually.  

If somehow that is not good enough, who is going to press charges on you (good luck talking to the bank)?

Single member LLC offers little asset protection anyway.If the deal is good enough, you have a few choices that immediately come to my mind:Take title in the LLC.

Do I have a system to handle this issue, am I protected, are my rules and regs good enough, how far should I go with updates, etc... lol Such a learning curve but after reading your post I am realizing that its one day at a time and evaluating the debits and credits every month as I shape and mold with the new experiences I gain...

from my research in investing so far my concern is that this deal isn't good enough and I should only be looking at properties that can turn a profit.

As mentioned before, it took a few rentals to find that perfect price point that allowed for "partiers" to stay away, but of good enough value where we would actually get interest.  

Look for someone who wants to partner with you without doing any of the work, basically just a cash investor.Flipping houses is cool, someone will want to jump on board if the deal is good enough.

My analysis of the Denver market is that the returns aren't good enough to justify rental property investment here in terms of cash flow - it's just an appreciation play which can hit or miss.