Investment strategy: do you purchase below market value only?

[Tiffany Wing]

I'm a beginner investor, looking to invest out-of-state. Initially, I was thinking of looking for properties that are rent ready, esp. as a new investor to get my feet wet and help me get started faster. However, I've been thinking about "distressed" properties and the equity you'd build quickly by making improvements to the property. What is your investment strategy and what would you recommend for a beginner? Do you think it's still a smart strategy to look for rent ready properties? Do you only buy properties below market value to be able to build that equity?