You don't have to hit home runs, just get in the game. 

I see units for $350k-400k, that are only cash flowing maybe $1800-2200 a month, which doesn't even cover the mortgage.You might consider using an FHA loan instead; 3.5% down (but 5% is better, as you'll be able to drop PMI once you hit 20% equity.

When you get to actuals, I would be very careful to review actuals vs using ratios such as the 50% rule if you are trying to hit a specific return.

It's not for negative reasons, such as too much trouble, just hit our 5 yr goals already so why not?

Grant hit the nail on the head.

In terms of yield I have to get it to 44K before it hits 10%.I cant get my spreadsheet to format in this post but at that rent it is right at the bottom of where a lot of out of state investors would buy so I think in the 50's could be a challenge.

However, I am looking to hit the ground running.

Demo should have been complete yesterday, but we hit a major setback with carpet pad removal.

They got hit with divorces or are returning from a failed attempt living somewhere else.  

We even gave the new tenant the phone number for our contractor and had them work out the finishing touches for the house interior, while we went to Northern Europe.