It's not a bad idea to have an inspector on your team that can be your second set of eyes, to understand what your buyer's inspector will be looking for. 

I understand what this "rule of thumb" is trying to accomplish, but it's a rule I wouldn't use. 

I understand that I need an appraisal to determine my (stepped up) cost basis on the date I inherited the house.

Hoping to meet some like minded individuals that can help me understand what I am planning to get into, I want to start young and utilize my main benefit which is time. 

As far as some tips to keep in mind though, I would say to develop a great understanding of the area you are looking at investing in.

As an experienced investor, I understand the "itch" of wanting to get a deal done and under your belt and making money.

Now that I am thinking of buying an investment property for cash flow, I feel I need a much deeper understanding of the domain.

@Rohit Kochar  I think I understand the situation but, if not reply back and correct me.

I’ve been doing a lot of research on it and feel I have a good understanding of the process.

I understand people have different goals, but in this scenario let's pretend you've already reached financial freedom at 10k cash flow but you want to continuously grow your business and make as much cash flow as you can.