However, it takes less effort than deriving estimates for each property (I used to have derived estimates for each property).  

You should read these carefully and discuss them with your attorney before buying to make sure you fully understand them.Remember, the value of your real estate purchase and/or the income derived from such real estate can go down as well as up; there are no guarantees that values will rise.

Fear is simply derived from a place of not knowing.

You are investing for equity growth and cash flow is a derivative of equity.

I remember that feeling, but let me tell you a few things I did not understand.The name of the game is actually equity and as a derivative of equity, you are generating cash flow.

Problem is only "RE pros" get to do it.There are 3 income classifications in the US - Active, Portfolio, and PassiveActive income is income derived from your job, or normal trade or business.Portfolio income is derived from bank instruments - stocks, bonds, etc.Passive income is income earned from investments.Active losses can wipe out both passive and portfolio income, but it doesn't work the other way around.Portfolio (capital) losses are limited to $3,000 annually.Passive losses can only be offset by passive gains.Real estate rental income by its nature is deemed passive per IRC Sec 469One way to get around it is to become a pro - spend more than 750 hours or 1/2 your time in real estate.But most folks aren't real estate pros.

I know the Guide isn't law, but in my experience its not the law that is solely enforced, but also the derivative regulations, formal guidance documents, as well as case law history.

I will briefly answer your questions below:To evaluate a deal you need to derive the annual income, and the value of the property. 

Depending on the condition of home and recently sold comps, you should derive a good purchase price.Highly recommend visiting the property while you're under contract at least so you have an option to back out if needed.

This implies you can easily manually eliminate inappropriate comps to derive an even more accurate valuation.Good luck