I anticipate that creating automated (or at least predetermined) systems to deal with foreseeable events (through education and trial and error) will be paramount to our keeping our REI from becoming too time consuming. 

As long as you have some buffer in your bank account for some unexpected up front costs that you didn't anticipate, you should be able to be cashflow positive on it from the get go or soon thereafter.I'd say that the hardest thing will probably be to get your offer accepted.  

There is also no closing necessary until the buyer gets a bank loan and is ready to close at your agreed upon purchase price which you should have increased by about 15% to 25% to anticipate possible apprecition and so that you get a nice pay day on the back end for all your hard work. 

@Kenneth LaVoie, over any extended period, of course capex will eat up some portion of your income - so likewise, SHOULD be anticipated in advance by apportioning it monthly - just like any other expense! 

I also anticipate a moderate amount of updating upon turnover (whenever that may be).(5)  She pays her rent on time, but as an inherited tenant, her relationship with us has not exactly been problem-free.  

Is there plumbing or electrical repairs anticipated ?

Write up a expense plan on where you are going, how long it will take to get there, how long you can go before you anticipate finding a tenant?  

In just the past few days, I've learned so, but I'm really looking forward to learning from and  interacting with everyone and making the  necessary connections needed to grow my business..

I would highly recommend moving a little bit slowly, first get acquainted with the tenants and figure out who you anticipate keeping and who you just as soon say goodby to. 

If I sell at 1 year and 1 day, I get the preferred tax treatment of 20%.....I don't anticipate messing with 1031 for a while so let's exclude that for now.