What are your "prerequisites" in finding the right investment property?

[Johnny Kula]

OK, this might be very broad, but I'm putting together my list of what I want to invest in so my broker can start looking.  I'm looking at two options: "very local" multi-families in the Lowell, MA area and property in Florida (where I used to live and have a buddy still there and his wife is a real estate broker and he used to flip/hold houses before the market crashed on him).

Both are for income purposes.  Not for vacation, etc...

What are the down and dirty GO/NO GO criteria to guide one to success in their buying strategies?

Hopefully there will be a ton of posts with all sorts of angles.  I can't wait to pick some brains :)

Thanks everyone,

Johnny