Newbie to seasoned: how would you start in today's market?

[Jonathan Boyd]

As the title suggests, I'm a newbie: late 20's with a family and a SFH that was once my residence but now being rented. I'm in the early "learn-absorb-network" stage of investing, scouting a first real deal. I'm looking to: short term, flip for capital; and, long term, buy and hold. My question is this: with all sorts of speculation (real or hyped, doesn't matter) of a another "housing bubble," what is your advice to a new guy? Even before getting the little bit of REI knowledge I have now, I could see in some places something was up when house prices outpaced job pay/ job availability. I know this can be local, and speculation plays into "bubble" talks. But since I'm new I'd thought I'd ask the seasoned veterans their advice. Just to clarify, I am taking those first steps: join local REIA, look for houses, and I've even made some offers last couple of months. I'm simply trying to learn from those wiser than myself to help form a plan. Thanks in advance for any info or feedback.