Valuation price and asking price

[Jegan Basha]

I am a newbie in property investment and still looking for the right property.I have some questions about property valuation price which are

1) Can i buy property above valuation price if the location is hot?Any rule of thumb how much i can pay more than valuation price for hot property? 2) If i buy a property above valuation price and plan for short term investment,what should be my exit plan? 3)If buying property for rental yield and long term investment , advisable to buy below or above valuation price in hot location?