Analyzing properties and defining criteria

[Justin Power]

Hello Friends,

I'm a newbie and haven't done a deal yet. What I'm looking to do is purchase a buy and hold rental property and i'm considering house hacking. To educate myself about what I should be looking for I've been listening to the bigger pockets podcasts, specifically ones explaining how to get started in real estate, how to find and finance deals.

I hear two things constantly that i'm not entirely sure how to approach,
ONE - Get good at analyzing deals - I don't know how to do this and i'm not really sure how to learn it.
TWO - Establish criteria for what you are looking for - I don't know what criteria I should use to narrow my search. how do you decide what to look for?

I realize that these criteria and numbers are going to vary for each deal but if you guys could give me some examples of analyzed deals and explain what criteria you would have used to find those deals, it would be greatly appreciated. Or at least point me in the right direction. 

Thanks,

Justin