I don't know if there is a defined number of hours you have to work each day but let's just assume you should probably spend at least 4-6 hours per day on "business" items.

Second, typically even if properties are in great shape you still will want to spend some money on repairs, typically one of the better ways to make money in real estate is to find properties that can have value added to them, via hiring contractors to do repairs and improve the property. 

A partner and I spent four years remodeling and turning around that property, spending quite a lot of time on-site.

Give yourself a budget of perhaps two hundred dollars to spend on used books from Amazon.com and other sources.

@Alton Williams I started with about $40K saved up, I spend my first few years Flipping houses, building up the pile then graduated to rentals and continued flipping, I havent done a flip in over a year now, but would if the right one came along. 

I have 2 small kids and I intend to spend their school years with them as much as possible. 

Spend some time studying everything about the market you want to buy in.

A big part of the markets is based upon consumer spending from what I understand. 

@Jered Collins I have a few thoughts1) That specific property is on the more desirable side of the tree streets2) If you want those rent numbers, your going to spend close to 10k per unit.

I know how much I have to spend, so I stay strict with my bidding and not go over.