For initial 'go/no go' calculations I plug in about $1200-1400 for lower end homes (40-60K), and 1800-2400 for mid (around 100K). 

Which product type will generate you the most return on your investment. 

I've done it myself.Owning property isn't always about trying to generate rental income.

In my mind, it’s only worth what it currently generates today, minus deferred maintenance issues.

The loan I was offered seemed great initially but prepayment penalties & pre-compute interest made me feel uncomfortable about moving forward with it.

I generated a ton of Motivated seller leads.

You're just starting out, so just be happy you're building a positive track record and generating returns for your partners.Pay attention to the affect of the down payment size, holding time, and interest and points. 

I don't want to shoot myself in the foot with my first deal, but I need to get some income generating so I can expand my holding to support my family.

A simple one page (wordpress type) website would be great to have initially.

Currently cash-flowing with 5% down initial investment.