I would recommend finding a more altruistic source of information before making decisions based on some information provided here and on the podcast in particular. 

Knowing your exit strategy is essential, regardless of whether your goal is to keep onto the property for the long term, sell it for a profit, or switch to another investing approach.Your choice will ultimately be based on your tastes, risk tolerance, and investing goals.

Absolutely fair points and fair assessment of both Nimby's and Yimby's typically based on how they will be PERSONALLY affected. 

I am based in Las Vegas ,NV  -- was thinking about acquiring some rental properties in mid-west, possibly TX, AR, TN as well....what your take on it?

The accountant that we had last time is based in Chicago, specializes in real estate and is a good one.

I should have clarified what I mean by “real business”…RE isn’t a business that supports itself immediately like a service based business.

I am a realtor based out of the Raleigh area and love helping home buyers whether as an investor of if you’re looking for your forever home!

I have a home based business.

If after that deduction, and all other deductions you still have cash flow, which is unlikely, it is a candidate for hold however based on your description of the handy work I would guess it to be a maintenance pig that you would be safer to unload now and move on to other endeavors that will have a better chance of being positive cash flow. 

It appears the units are below market, however with some cosmetic repairs and perhaps some capex's I feel I could increase the rent by at minimum (based on local comps) 68%.I would offer 85% of list and estimated $20,000 in repairs/upgrades (this is probably a generous estimate - the property appears to be in good shape, basically needs a face lift).With all these figures, including the 50% rule, financing with 20% down @ 3.5%, I come out to a profit of $262 per unit and a cash-on-cash return of 9.53%.So, does this seems reasonable?