Always do the math anaysis and try to look at the prospective property before you make an offer on it or at least have a clause in the sales contract that will allow you some time (about 15 days) to make a detailed inspection and possibility of backing out of the deal without a penalty that will hurt you too much.  

Sydnie, the first place to start would be by signing up for a real estate class, either online or in person, to get qualify to take the TREC licensing test.I don't believe I'm allowed to post links, but go to the Texas Real Estate Commission (TREC) website, and it will guide you through the steps.Your age/appearance could deter some potential clients, but we all have some aspects that both deter and attract people.  

Also in knowing what areas of town to be interested in making deals (school district, crime rates, accessibility to venues etc.).My "tips" would be to gain the experience by doing :) I still remember my first day in construction and being nervous and feeling overwhelmed at the prospect of grabbing tools and working on someone else's dream of a new home.

I personally don't think 15% tax is deterring any of these wealthy foreign cash buyers from purchasing homes.

I had thoughts that "legitimizing" my business would be a smart first step.a.k.a. making a website, having business cards, getting a separate "business" phone/voicemail to answer prospective leads inquiring about properties or offering them.Would anyone suggest that this is the right direction to go before spending money on direct mailing campaigns/driving for dollars/running advertisements via craigslist or any other source?

I'd just like to say, great job in getting a prospective tenant in your view.

The issue I generally find is most new investors don't have enough deal flow that they tend to try and make prospective seller a "deal."  

PROSPECTIVE TENANTS/PROSPECTIVE PURCHASERSBuyer has the right to show this property to prospective tenants, contractors, or others from date of acceptance of this offer until date of closing.

A phone call is a more personal way to touch a prospect than mail and offers a much easier way to build rapport.  

@NickFeliciano... working on prospects in NW Indiana... including cities you may be interested in.