If its the nicest house on the block, when people get there and see the mobile home next to it and if the other areas look not so good, probably not gonna get repeat guests.If this is your first, it will be easier for you to learn the ropes with a property you will be visiting from time to time and you get to use it when its not rented.That's my cursory thoughts based on what you have shared so far between those two choices.

One way to shorten the timeline for getting positive cashflow is to make sure you are being smart and creative about what and how you buy and renovate a property.

It's a sure path to failure. if you're goal is cash flow and you live in a high cost market which is any where in the Bay Area, you really don't have a choice but to go out of state, otherwise you're just trying to pound a square peg in to a round hole.

Going forward, you can just include additional language/terms that provide an opportunity for contractors of your choice to inspect the property during the due diligence period.

What would the cash flow be on either choice? 

There's so much appreciation in the Colorado Springs market, and houses move so quickly that anyone with a little smarts is putting it out on the market to get top dollar.2.

I am mostly interested in Real Estate, but I am aware that there are many choices in different fields.

Make the right choice now.

Happy to introduce you to a rock solid Philly agency that works with investors and also provides one on one guidance to enable investors to jump the learning curve and make good choices/plans.

Managing one's properties is one of the many choices real estate investors need to make a decision on.