They must also pay for the cost associated with marketing and agent fees to produce a new tenant. 

Also, keep in mind that in my opinion, you would still be winning if your monthly housing costs went from $1,400 to $900… that would be the equivalent of producing an extra $500 a month in cash flow that you could save up for your next investment.Another way to increase cash flow would be renting out rooms in the unit you live in, either Airbnb or longer term.

My long term goal was to build enough capital to purchase an income producing property without borrowing any money !

If it produces positive cash flow then why not hold? 

Recession or collapse is great, it's quick, washes things out, breeds rejuvenation and innovation....

Is this a correct way of thinking, or should I buy anything that produces cashflow each month?

Is this a correct way of thinking, or should I buy anything that produces cashflow each month?

Look for one with a great track record of producing and ideally a short term to full payout so that you can pivot as you learn. 

@Mitch Staelens Congratulations on your first step towards your income-producing assets. 

Precise and organized work areas usually produce precise and organized work.