I ran the numbers on the rental property calculator and it looks like I am going to be making around $750 a month in positive cashflow after the mortgage, insurance and taxes are paid.The downside is the realtor is a pain to get in touch with, there appears to be a leak in the 2nd floor bathroom, and the realtor is claiming there is a private owner that wants to get rid of the property, but when i check the tax records it shows that a real estate company owns the house.My questions are the following:- Is a deal that is too good to be true usually just that?

Sounds like the big unknown is getting in touch with the county to see what (if any) the upfront cost and ongoing cost are going to be with water and sewer.  

It will still mean meeting their criteria, but sometimes easier to have an ongoing discussion, rather than being a number on an application.

First, are my interests too disparate from my friend's to build an effective ongoing relationship?

If you're building a portfolio of properties you WILL be replacing roofs, appliances, furnaces, and sewer lines on an ongoing basis. 

Congrat's on going to the first REIT meeting.

Assuming this deal isn't dead in the water, I plan on going to the town office tomorrow to get that information.

If there's a plumbing or electrical problem/upgrade, those guys don't work for free, either.Make sure you have the cash to get the place fixed up to area market standards, make it safe/up to code & have cash on hand for the ongoing little problems & fixes that will ALWAYS happen.

Iran he wanted us to close in 2 weeks.

I ran her credit check, which was great ( but lot's of CC debt, I mean TONS), all affordable (making minimum payments) with her and her husbands wages.