But the most important thing to do is solidify your goals, needs, and capabilities as this will steer what strategies will fit best for you.

Returns can be high, yes, but the title can steer folks into a false sense of security.  

Figure out what you want and different strategies may be better for your ultimate goal.3) Unless you are actually wanting to replace your current job with another job, I would stay away from really getting into whole sale and flipping, I would steer towards buy and hold rentals.

My biggest concern being the quality and making sure I don’t steer away potential buyers and sellers.

This will also help steer away from people who would just be a waste of your time as they know they would not qualify as a tenant of your property.BiggerPockets has recommended screening companies on the landlord resources tab. 

I just bought ten Steers to raise on my ranch, with my neighbor/partner on the mountain while I am not there.

2) If you have solid knowledge of other markets (outside of yours) which are those that intrigue you (you would be interested in investing in yourself) and those that you would personally steer clear from?

@Chris Hopper is one guy I would steer you to locally on this.

You should have a trusting relationship with your realtor who ideally has investment properties in the same area and they should be steering you clear of a poor purchasing decision based on area and condition.

I often say if they need help in doing there own analysis let me know and I will sit in as they walk me through it, again NOT doing it for them, not steering them but giving my thoughts in format of missing items such as "yeah, that's a good start but there is no cap-x in this, are you sure you want to leave out a cap-x factor?".