I paid 67,500 "turn key" with 1750 in monthly rent 100% occupied which they were.In a made up world of zero expenses that's only a 31% return. 

I am not sure yet what are the main traits I should be looking for, but I believe that a good start would be a state/city/area that is: Landlord friendly (from the tenant- landlord perspective).Has a solid ROI Is considerably cheap (unlike San Francisco haha)Allows foreign investors Isn't too expensive tax wiseAny ideas and advice will be happily accepted :)Thanks in advance everybody!

Fourtunatly, since I was an owner occupant, they waived the expensive fees. 

Yes they are old and many need substantial work, but you have a major advantage over people living in more expensive areas of the country, not to mention a great supply of small multifamily homes.

Here are the numbers: sixplex in hickory NC Price: $160,000Gross monthly Rents: $3,050 (definite possibility to raise rents by about $25-50 each) Expenses: (50% rule for now): 1,525 NOI: 1,525Cap: 9.5%Debt service: 25% down, financing 120k @ 6% amortized over 20 years, with a 10 year balloon. $860/month Net monthly profit: $665Cash on Cash: 19.95%Any thoughts on this deal?

I got the rent roll and past 6 months expense report by the property management company.

Example (I'll round numbers for ease); Buy property for 250K100K down from SDIRAs, 150K Non-recourse loan @ 5.75%/20 years (60% financed)30K Income, 13K Operating Expenses, 9K Interest, "Net Income" for taxes of 8K (before depreciation which would be 12K on whole thing).........................................................Does this the we would take 60% of the 8K "Net Income" or $4800 and then take off 60% of the 12K depreciation or $7200 to have a negative net income of $2400?

Seems like this risky strategy worked best when the banks were overwhelmed with foreclosures and it took a long time for the homes to become REO.  

Ask for the Rent Roll and the Trailing 12 Income & Expense report, then see what your NOI looks like.

Who knew North Dakota was such an expensive rental market?