I wouldn't even bother with major cities given the ratios but you likely will get better rental stability pending on asset class but in general deep pocket investors like larger cities for its demand and stability in order to wealth preserve vs cash flow..Investors who want cash flow seek 2nd tier markets..To clarify 5) you meant negative cash flow and not negative cap rate correct?

It's great to hear that you've been diving into real estate investment and are eager to get started.

Excited to dive in!!

@Greg Friedman, I am going to dive a little deeper into your question and give you something more to think about than just a property manager.  

Everything I seem to find is very high level about how to raise capital, how to find a deal, how to get your first deal, etc. but I cannot find anything that does a deep dive on real estate investing systems and structuring!

With a solid background in property management—both running my own business and managing 192 doors for a nationwide company—I’m now diving into investment real estate!

Being a 1960s era, it will have everywhere.  6 inch tile floors, hot water pipes, countertops, etc.Would check on that before diving in.

Find a minimum of 1 to 2 hours daily to research, investigate and deep dive into each investing niche you hope to use.

The diving and fishing were great, restraunts and bars were decent. 

Have both financing and construction nailed down, even without deep diving into it.