There are 3 ways to create returns on rentals: buy with equity in place, benefit from appreciation, and cash flow.

I may not have much affect on money flowing in, but may slow down turn once it is here and/or outflow back to its origin. 

I've been interested in real estate investing(particularly buy and hold for cash flow) for some time, but always been hesitant to jump in.I've read numerous books, listened to almost 100 BP podcasts, been to some local REIA meetings, but I've yet to pull the trigger on anything.

Reverses can work with timing issues, needs for construction or improvement or if you're wanting to double dip appreciation and cash flow for a period of time.  

If the owner bought the place at a much lower price point, he may well be making a fine cash flow.

Long-term I'm hoping to build a portfolio of cash-flowing properties that produce enough income to live off of! 

I offer to lease no vacancy 5 years but ill pay 600 a month.. then I turn around and market it as 1,000 a month.That house then turns into a $400 a month cash flow...Is it truly that simple???  

The cash flow should be better, however, you are probably getting an older house built in the 1930's to 40's. 

apartment or multi unit, you master lease and have an assignable option to buy, you improve cash flow and sell property later@Rich Hupper

I subscribe to about 15 wholesaler mailing lists, so I get pa steady flow of properties to comp.