Asking about the different types of REI there are is like asking someone in the medical field about all the different types of specialists there are out there.
There are heart doctors, heart surgeons, feet doctors, eye docs, ENT, radiology, neuro, blood, trauma, pediatricians, etc...
See what I mean. There are so many "tools" an investor can use. What you need to do is educate yourself.
To answer your question, yes where you are, your market and the deal itself all matter for the type of investing you want to do.
In a college town, you are going to be renting to students and not alot of flipping as the number of buyers is low compared to renters, so you can see, it really does matter.
The type of loan they have as well as available equity in a property might tell you if it is a sub2 deal. Not to mention the market rents if that is your planned exit strategy.
They key is to educate yourself. Follow the above poster's advice. Get out and network with other REI types at local clubs. What I will advise you on is when approaching experienced investors, they don't have to tell you anything. You have to think about what they will get out of helping you. Remember, focus on what THEY get. Not on what you get. This is true of talking with seller's as well.
