How to you select where to invest??

[Philip Tretola]

I have been doing my homework and learning about the nuts and bolts of real estate investing and realized that I don't have a very good handle on selecting where to invest.  I've looked at several areas - both local and hours away - but unsure how others decide to pick their markets.

Does anyone have any formulaic ways they narrow down where to invest?  Does someone who's done this many time before have a series of questions that they make sure to answer to assure themselves they understand the area dynamics?

Any help on this from seasoned investors would be great...thanks!  Phil