Cosmo - I personally don't know Phoenix well, but if I had to do this in another city I would look at income levels, crime levels, and population growth (if you can) by zip code and/or area within a DMA as a starting point.

Look into a DSCR, Debt Service Coverage Ratio, loan where the rental income can be used to qualify the cash out refinance instead of your personal income.To Your Success! 

You look like the kind of person who is going somewhere.

And what if the one person you didn't check has a criminal background, has collections, and more?

There are many here in my local area and your area is likely to have the same type of meetings.Most of the deals that I fund are by meeting investors in person at these groups and creating strong relationships. 

There is an amount that you can distribute from an IRA account to purchase a personal residence.You then might be able to turn the personal residence into an investment property.Best of luck.

I personally haven't sent postcards, I've had good luck with PPC and Video ads. 

Quote from @Daniel Windingstad: Quote from @Obed Calixte: Some people have the personality, processes and systems & time to self manage, some do not.

Personally, I would not keep a rental that is not expected to cash flow. 

It can come from a personal investor who will negotiate terms, or potentially a piece of the equity.