Buying low end homes for rental market

I am first time buyer for a home around $50 K to place it in a rental market. I am using a turn key company to make the purchase. I am wondering if there are any other avenues of investing money other than this that is a passive income stream in real estate. Should I put up cash or finance it? Should I buy close to home or does that matter? How much ROI should I practically look for at this price point?