I try to evaluate a unique property 2-3 different ways, then make a highly educated guess based on my knowledge of the market.

Education.

I’m wanting to be prepared and educated since I’m new to this and looking for advice.

My husband and I are licensed financial professionals and we love to educate on IULʻs or different types of policies that can assist in situations such as these! 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Focus on education, networking, and analyzing deals carefully to ensure your first investment sets a strong foundation for future growth.Good luck!

I’m starting by using the resources available in this forum and educating myself on finding, analyzing, and financing deals. 

They typically provide education and also have classes/courses to take.

The short version: save money while educating yourself on how to invest in real estate wisely, buy an investment property, learn how to manage it well while educating yourself on how to manage it better, save money . . . rinse and repeat.You don't mention where you are (education, income, experience, etc.) or where you want to go, so I can't tell you how to get there.

Now rural counties and can be a little different but like Jonathan says every market basically has their players..