Developing a strategy...Need advice from seasoned investors!

[Trina Shelton]

My boyfriend and I want to become real estate investors. I worked in Real Estate/Property Management (was the office manager/accounting supervisor for one of the largest companies in our area) for 8 years, had a license but decided to let it go because I left the business. Left there and worked in government public housing for 3 years.  I've always had a love for real estate, but the flame has recently been reignited after being called back to help out in the real estate office. We live in a small town in Alabama that is fueled by a neighboring military base. Many new constructions are going up over the city, but there are still many older homes and town homes to purchase. 

My boyfriend and I both have great jobs. He has no debt. I am in the process of paying mine down and we are both saving money. We live way below our income so that we can invest in our future. We want to start investing in real estate next year. 

I guess my questions are:

How much cash reserves should we have on deck before we purchase our first property?

Do we flip? I've always been interested in this but I've seen many people fail.

Lower end properties are attractive, but after working in public housing, I am scared and don't know if I can do it. Is it still worth a go?

I am in the process of reading my first real estate investment book. I plan to eventually sit down and talk with my old boss, she is a very successful investor and business owner, to get ideas and tips. I am trying to glean as much info as possible to develop a good solid strategy.

Thanks for reading!