Hi @Brie Schmidt @Ronald Perich and @Roy N. , Thanks for chiming in so quickly.I should clarify that I read the BP Beginner's Ultimate Guide but had not found the one for rental properties; it's next on my reading list.

I live in Harper Woods, which is sandwiched between the Grosse Pointe communities and Detroit.

@Roy Gutierrez This being a short sale, the actual purchase price may end up being higher if the bank hasn't already approved the asking price.As for the numbers, the devil's in the details, and if you don't do your due diligence, then you may find yourself in a negative cash flow property.

Yet so many tv shows and articles claim houses with granite top counters, hard wood floors, decking etc will guarantee massive profits...We would love to do these kinds of reno's but not if our agent is correct and says "If you spend $25k on a rehab and the houses in the area are worth less you wont sell" If the neighbor only has vinyl floors and laminate then you'll lose on what was spent on hardwood and granite etc. 

If a towel rack or tp hanger every pulls out of the Sheetrock I remount it on a wood plaque stained to match the bathroom.

They also had the wood floors refinished in 2 bedrooms.

Good to know Roy...you are always a great source of information.Thank You!

Thank you @Jeff Rabinowitz and @Roy N. 

I've been looking outside of Southern California as I have not been able to find many properties that cashflow well in my neck of the woods (obviously).Here's my question:If I am looking to purchase a rental property with all cash, what is a realistic cash-on-cash return I could expect if I purchase from and utilize the management services of an out-of-state turnkey company?

That's why we're slowly changing tub surrounds to tile and flooring to luxury vinyl plank and luxury vinyl tile, as well as removing carpet and refinishing hard wood floors.