The key to getting such a purchase right is by first understanding your goals.

Closing cost should be part of cash yes.Turn key usually comes with a tenant so you should need to have tenants placement fee.

I always transfer security deposits, leases, keys, and other items at the closing table.

The key is to get your savings rate up into the thousands per month.

I seem to recall there was stuff like a 24 hour on site manager required at all complexes (crazy and would put most small folks out of business) and a no income source rule that would force all but the higher end rentals into Section 8 whether they even understood it or were aiming for it (classic big penalty, stigma and lawsuit for violations).....I mentioned the small time folks may not all be interested in Section 8 or set up to participate and handle that market.Oddly, the assembly's goal was more housing, better managed housing, more affordable housing.

you can buy a list from list source or drive for dollars.. you wanna look for absentee owners

Monthly updates and reporting is best and transparency is key. 

The key is really learning how to buy it right.

And to James' very last point, persistence is key here.

As you’ve done more deals, and carefully documented them and the results, your track record will speak for itself and will be a key element of establishing trust amongst investors that don’t already know you.