I feel really comfortable working with short sales, foreclosures, and folks with inherited properties, but distressed properties are definitely in decline right now with the high market prices.

You are definitely on the right track when it comes to counting the cost and calculating as much as you can and utilizing the BP calculators and tools.  

The market is definitely going to correct now.I have more money but now I have way more expensesOut of state investing is still crazy!

There are many terms that get thrown around that I don't understand the full definition of, and having a place where I could get an explanation of them all in one place would be awesome.Thank you everyone! 

Milwaukee is definitely a cash flow play.  

Great opportunity to start down the path of PML without putting forward a huge amount of cash.

Other options include, assumption of the current owner's loan or owner financing.2) You definitely need to start up a corporate structure.  

.$200 for gutter cleaning - I doubt this is the tenant's responsibility...leaves in the gutter is definitely not their 'fault'.$150 to change the locks - If keys were returned, this should be charged to you.$50 Move out inspection fee - Shouldn't be tenant's responsibility.$200 Cleaning fee - Depends on if the unit was left in "broom clean" condition, which is likely how your lease puts it.$150 Floor cleaning - See aboveThe other "it depends" is how long these tenants have been there.

@Robert Fiorillo thank you for the article it definitely gave me more motivation and insight to pursue this further

I am definitely wary of the fact that the seller doesn't have any docs to show and my agent doesn't want me to pursue the property because she thinks the numbers they ARE sharing are inflated, but it's in an area that I want to settle in for the long haul and that I'm quickly getting priced out of.