I have read about cap rate, etc. 

Problems I forsee outsourcing:I would find it difficult for a bookkeeper to know which properties to expense repairs for unless they already know my system. 

I see a lot of these building in my market being offered at 6-7 caps (which is way too low) and once you account for "real" expenses their prices are closer to 5 caps.

What even better is the seller started an one-year lease with a tenant this year and it fits the 1% rule and 12% cash-on-cash ROI and has an above 8% cap rate.

It seems a little difficult at first when I have no idea how much to expect in repairs, vacancy rate, property management costs etc. 

I am considering purchasing a single-family home off of Speedway and Arcadia and am having a difficult time finding rental info about the area.

Any cash you take out, up to your $65k or do profit, will be taxed as profit, short term cap gains (ordinary income tax).

It does make it difficult to find deals though.

If you can not succeed at that you may not be cut out for investing.Learning to save and eliminate bad debt is the best training in preparation to succeed and extremely difficult to do without cash.

So I listened to this podcast again for the third time just tonight and totally missed that first part where @Brandon Turner mentions how difficult refinancing has been for his recent conventional refinance and he had to write an essay on why refinancing is a good thing.