To the OP, JAG has given you good advice. Stay away from negative cash flow properties.
FWIW my advice would be, before you buy, to look at lots of properties, do the numbers on them. Get good at this. Get to know the areas of town that you may be interested in. Even if you miss a deal or two, if this is your first property, it is better to be patient. Even if it takes a year or so.
JAG has lots of experience so can likely spot a deal and work the numbers pretty close, in his head.
You will be competing against guys like JAG but there are not many out there like him. And often when a deal looks really good, people get nervous and wonder what is wrong. That is where market knowledge, including comparable sales, local rental rates, cost of reno's etc comes into play in making a quick calculation in whether you want to proceed and investigate further. You can always put in lowball offers to see what comes out of the woodwork - and I mean 20 to 30% lower than what you think market is.
When I am looking, I keep an eye for empty houses where the owner may have been transferred or bought another house, long listings, houses where the closets look 1\2 empty and either no men's or no women's stuff( divorce), or crappy ugly paint jobs or poor looking cosmeticly that can be easily and cheaply changed. Other than in really hot markets, these can dramaticly lower the selling price.
Be aware that just because it is a bargain compared to other houses does not necessarily make it a bargain for rental purposes.