Although I want to get into flipping as a "day job," my long-term goal is to produce long-term wealth through a portfolio of income-producing properties. 

If the difference between the amount earned and the amount spent in buying, operating, or producing something is positive then it is profitable.

Little healthy competition always works.  

I'm in the process of buying a short sale, we signed the contract back in April and still waiting for the sellers' accountant to produce some financial statements.

I’m hoping to find a small multifamily in a “cheap” & healthy market that cash flows for less than 150K.Here is the thought process I’ve gone trough so far:As I will not be living in the US and unfortunately won’t be able to manage it myself I definitely want to go with a state that is landlord friendly.

So you have to find an investment that will produce $500+ a month profit JUST to break even. 

Jeremiah Moss 2% rule guideline suggests a good deal will produce 2% of your purchase price (including rehab cost) as rent each month.

Hi Russell Brazil I'm looking into residential in Germantown, Gaithersburg, and Frederick areas that can produce the kind of cash flow that you was talking about.

@Manuel Savorelli,If the lender wants to check your credit, you've got the wrong lender.They should be looking at the deal, and you need to be able to show them how their money is protected, how the deal produces profit and how they will be repaid.If someone insists on checking your credit, you can (but probably shouldn't) sign up for something like ScoreSense (CheckMy3Scores,com) and let them pull your credit that way.

Contrary to @David Dachtera comments commercial insurance clients produce annual residual income.