Also what are good inexpensive ways to find deals  that are off market ? 

I’ve seen on a few FI blogs where those who have achieved as little as $2k/m in income decided to move to inexpensive parts of the world.

With this type property I'd shoot for a buying price of < 33 times monthly rent, or an offer of <$137,280.I see about $36K in expenses and that's without vacancy or management costs.

I.e. people who need to sell a house, a woman going through divorce who's alimony isn't finalized and old house needs to sell, two people with great jobs and income but who can't front the move-in expenses (which raises red flags ... if move in expenses are a problem sounds to me the person is living paycheck to paycheck which even w/ good credit means they are one job loss away from disaster), couple people who say they want it but don't want to move in for a couple months etc.  

The latter two are especially inexpensive - but have rents to match.

Cabinets and vanities can be relatively inexpensive or expensive, depending on what is chosen. 

I did add a Million $ umbrella liability insurance policy that was ridiculously inexpensive...less than $100 per year, I believe.

Here is a primer, and your state laws have to be looked at.http://en.wikipedia.org/wiki/Real_estate_contractThere is an inexpensive book on creating contracts w a CD Rom.http://www.amazon.com/gp/offer-listing/1572485280/ref=tmm_pap_used_olp_sr?

They have also put in some reductions in expenses.

A lot of my investor clients reside in expensive metropolitan cities in California (Los Angeles, San Diego, and San Francisco areas) and invest in flips/rentals here in Bakersfield due to the affordability of real estate here and the relatively high profit returns.