With carpet, I usually go with one of the more expensive carpets instock at Lowes, and upgrade the pad.  

You could get some cash on a non-owner occupied property from a private lender, but chances are it will be too expensive to make sense.

But as long as the mortgage and other expenses including vacancy threshold cost is paid in full by the tenants and a few hundred dollars a month cash flow, my spouse and I can seriously pay off our expensive degrees in no time with just our income.

You can get cashflow from more expensive props (like what you're looking at) with enough of a down payment.

I have been scouring the forums and listening to podcast with all my free time.I live in Scottsdale which is a tough and expensive market to get into to.

Banks seem to count 75% of rental income AFTER expenses right?

If its a multi, banks will include a percentage of rental income to offset some of the expense.  

As an agent with access to the mls, I'd go back 12 months and pull a report on all cash sales at and below the median house price for that area.

simple cash flow properties that will provide some level of profit after all expenses are considered

The new home should be much larger/nicer/newer/more expensive and/or closer to your work.