To Market/Sub Market Analyze FIRST or not ?

[Max Pallatt]

Hi and a good day to you !

I am well into my 2nd year of co-mingling my current career ( film and television ) with my budding real estate investment career, with a goal of full immersion by 2021.  Between Commercial and Multi-family RE, I am narrowing down my interests.  Currently, with my partner I own 3 sfr's, will begin my studies to acquire my Ca RE license by years end so I am on my way...  With the goal of acquiring my first small mf by 2020 ( 4-8 units, out of state ), I am honing my market analysis skills.  Question:  Do you either a.) research macro and then dive in looking for smaller markets/sub markets or b.) hit the ground first in the "hot market" and then find support on a larger scale ?  My gut says both but without substantial market analysis education, I thought I'd pose this to BP community.  Thank you for your insights !

PS- any recommended sites, apps, books on broad and specific market analysis you might have would be greatly appreciated !  Thanks again !