There are two to three markets I am interested in that I have some small relationships within that I could utilize, my hometown, my wife's hometown or a place I visit often for work.My questions concern the opportunity cost of learning the ins and outs of 3 different markets when the requirements of truly knowing the market increase the chances of success.Do I select one based on distance, the potential to cash flow or appreciate, or one that I may have more connections in?

Find and connect with other BP members that are in your area: Meet Members Set up keyword alerts to be notified of the topics that interest you: Alerts Read Beginner’s Guide: Guide Check out BP Podcasts: PodcastsIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

A lot of new investors do drive for dollars, reaching their hand-selected audience of run down or vacant houses in a certain area. 

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

I will take much more time interviewing property managers to select the right one. 

Despite pressure to completely gut the house, I am planning a "selective" demo -- pulling up all the hardwood flooring to the subfloor; demo-ing most ceilings and several interior plaster walls but not all -- and no exterior plaster walls except where fire damage took place.

That sounds about right for retail pricing depending on your selections.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Landlords have to state their tenant selection criteria in advance, and can only reject someone for one of those criteria. 

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.