Oh also number one skill to develop regardless of the route you take is being able to identify and get in contact with motivated sellers.

what factors should I be looking at when making this decision.  

It could certainly be a concern - but depends on a lot of factors - are you looking multi or SFR? 

There are markets that have built in "gotchas" like the rising cost of insurance in coastal FL, regulations in much of the west coast states and property taxes in Texas; however, the deal itself is the most critical factor.

Quote from @Steve Lehman: @William VreelandAs a local Indy Investor and RE consultant I have been flowing the IHA development closely to see what kind of developments have been happening.

That is something that is growing due to the limitations of STR.MTR is something that will help you but you will have to be a bit flexible in the times that you are planning to come in.Management is cheaper than STR, but you have to consider other factors such as close to places where those MTR are in need.

MF with many garages to convert to ADUs, parcel splits, full on development, coop/tic with the resources to handle financing challenges, etc.To raise money in this market as a newby will also be challenging unless you can get it from friends and family.

Also, real builders/experienced developers will often have a true technician, i.e. a civil engineer, architect, real estate attorney et al at least glance at the property info to make sure there are no major red flags.

I liked real estate so I got licensed, worked on a bunch of different RE strategies, started developing and managed to get myself stretched thin very quickly again, I basically made the pendulum swing way too far and had to consolidate again to find my path.

In addition to the eight (8) factors laid out above, failing to pierce the corporate veil in this matter would create an elementary injustice and fundamental unfairness.