Like in RE where location, location, location is key, in a good partnership communication, communication, communication is key.

I'm in Ridge (Long Island) and in a similar position!

My realtor told me this one a day after we first talked, so I'm a little overwhelmed and wondering what questions I should be asking.Numbers are $165k 2br2ba in a pretty good location of Central Texas, currently rents for $1700 (1% rule) "it needs some work or can keep the tenant.

Is there a market for it on Long Island?

It is in a great location which has kept vacancy super low in the past 9 years we have rented it. 

I am single and can go to a location where good deals are to be had.

I am located in Connecticut were the two big cities are New Haven and Hartford.

-the crime in the pocket where the townhomes are located is relatively low, since this Pocket was close to onion creek park and some nice quiet neighborhoods exist.

There are a number of purchase/sale/holding costs to look out for, that I compiled into this post here: https://www.biggerpockets.com/blogs/8814/70530-fix-and-flip-project-costs-purchase-sale-and-holdingI see that you're located in South Dakota, so in addition to those costs you'll also need to contend with the Contractor's Excise Tax, which is a 2% tax imposed on "prime" contractors engaged in "realty improvement projects" in South Dakota.

If somebody spent $2 or $3 mil to put up some really nice new apartments someplace, then they clearly selected that location using specific parameters.