Newbie !!! where to look

[Sri Kand]

Hi

I have got hooked to BP now. I have been listening to podcasts and reading the forums and also looking at marketplace. I have the cash and I like those returns I see. Those 7-10% returns look so cool. 

But I am very conservative guy when it comes to money. I just dont trust this real estate market and I think we are year or 2 away from recession. Especially the area I am in(seattle), this market is just crazy. I would like to get into REI, but want to play in safer area, and be conservative than burn and die and be worried. I am looking for some turnkey project, as I dont have the time to fix and find renters

I have seeing all these houses and duplex for less than 50K in detroit and ohio, but dont know if these are legitimate deals. Sometimes when posters comment that "this will rent for $800" , I am skeptical. How can a 50K home rent for $800 / month. 

Any recommendations from the experienced crowd as where I should look for, and what are the gotchas. Do you always visit the house that you are buying?

Love to get some pointers and tips, and shoot me any deals you find.