It seems like cash flow is your primary focus, if you're willing to forego some advantages of real estate such as appreciation, I recommend taking a look at note investing.

@Mindy Jensen I really wonder how many visitors the people who live at 123 Test St in Council Bluffs Iowa get per year, my guess is a fair bit. :)

Try to focus on a target area and get to know it very very well to minimize the chances of buying the wrong deal. 

As such, I'd focus on finding a good contractor you trust from referrals here on BP or locals you know and trust their recommendations. 

Lately, I've focused on places as diverse as AL, NH, and DC. 

One focuses on 4 plexes, the other around 10 unit buildings, both are investing in the rougher neighborhoods.

Those are some big goals for your first 3-6 months, but definitely achievable if you stay focused and put in the work.

I dont think the seller wants to repair anything and wants to sell as is, so I will focus on the negotiation of the price and seller's assist.

If you are in the very beginning of this, I would highly recommend hashing out the items listed above and then become OBSESSED with learning as much as you can, networking, and following your curiosity to something that has a lot of interest.It looks like you may have interest in flipping, so if you have anyone in your network that does real estate and may have the skinny on certain areas, it may be worth it to focus on that area as you begin gaining experience.

That said, I'd like to raise the rent by $25-$50 per month and put them on a 12 month lease with the condition that if they found their home, they can move out once we find a replacement tenant (and we would focus on securing a new tenant ASAP).