Look at zillow listings and see what are typical offerings in your area.

A typical hard money structure is 6-9 month term, 2-3% origination, 12% annual interest paid monthly interest only and full payback at the exit.  

You are right, we never hear about the failures, only those that typically start out with tons of cash

For example, if you check a rental reference and the previous landlord says the ESA (dog) bit another tenant, then you can deny the request. 2.

Here's an example of an average property I've looked at:My issue is this: If I'm househacking and I live in one of these units, the rents on the other units are nowhere close to covering the expenses on the house like I was expecting.I think I'm missing something either in my expectations or in my calculations, and I could use some help or an explanation I'm fairly certain of the income, tax, and mortgage numbers, but everything else is a guesstimate 

Whats your favorite area in the midwest to work in, for example is Columbus a good place to get started in? 

Risk reward for example is different when you already have 7 locations and are now thinking of adding some buildings.  

Quote from @Madhul Shah: If an individual purchases a rental property and incurs expenses for property management, maintenance, and mortgage interest, how are these expenses typically treated for tax purposes, and what impact do they have on the individual's taxable income from the rental property? 

I'm also thinking it might be better to buy near hospitals/universities/tech companies/factories.Am I missing anything, or is this typically the research one should do before buying an investment property?

For example, an 800-square-foot unit in Indiana will have a different turnover cost than a 1,200-square-foot unit in Colorado.