Newbie advise needed on Investment Properties - Where do I start?

[Vidya Peri]

Hi everyone,

My name is Vidya and I am in healthcare & my husband is in management consulting. We live in the Plano area in Texas, and we would like to venture into buying our first investment property. To start off, we are looking for an investment property in the DFW area. I am at a complete loss here and have some key questions. 

1. How do you identify which area is a good renters market?

2. How do you determine if the property is a long term or a short term hold? 

3. I have read that getting .1% on your rental property is ideal, so how would you be able to determine that? 

4. If you're looking to flip a house, how do you identify contractors to get the job done? 

I really would appreciate any advise and guidance as my husband & I venture into this scary, yet exciting idea of real estate! 

Thank you,

Vidya