I've been a BiggerPockets member for quite some time now, and have spent a good chunk of time lurking the forums and trying to gain as much knowledge as I can before I make the deep dive into real estate investing.

We spent almost three years in the property; most of that time spent completing renovations.

Perhaps but on the MLS you will not find anything that cash flows.But say you do find something that cash flows, I can almost guarantee that if you spent that same money in another market your cash flow would be substantially more even after factoring in property management.Now, our market has historically been one of the best appreciating markets in the country. 

Cups and helmets are required at all times.You need to think outside the box, and learn how to make deals out of thin air. 

I'll continue to post in this thread as we narrow the buying box. 

I ran the numbers and spent 70k total but have a reserve of 30k.

We keep a lock box connected to the water spicket outside in case there is ever a malfunction with the key pad,  so if guests can't get in, I can send them the code to the lock box to use the key.

For example if you have a mom and pop tenant based on 17 bucks a foot rent because that is all their business model can support but a national tenant wants the site and can pay 22 because of location not only can rent potentially increase but also that new tenant value can be a massive difference.Mom and pop at 17 a foot and an 8 cap for instance.Say 4,000 sq ft box X 17 = 68,000   (8 cap) = 850,000National tenant at 22 a foot. 4,000 X 22  = 88,000  (6 cap) = about 1,470,000There are expenses involved getting the new tenant but value difference can be massive.Leasing brokers can perform a (void analysis) which not only looks at rent comps for box size but also what existing tenants are in the market,saturation levels, and what possible tenants optimally could go in that space.    

They may have a better chance of coming across off the occasional deal than the average person, and will do some of that for a great client they know will close, but most of their day needs to be spent prospecting business for themselves, building their own business and closing transactions in order to be successful themselves.

I call it living a blessed lifeto me real estate is a lifestyle.. however there is no doubt that in the rental world the quality of the asset will dictate the time spent and risk's involved.