Better to make that mistake, and buy another deal, than to not bought the deal.  

I’d start with a smaller deal - buy a 6 to 12 unit say - raise money from your social and professional sphere - people who know you - who you have a beer with etc.

If you want to manage your own properties, I would highly recommend buying within an hour of your primary.

With that said, I've done some research on the market and found the following information helpful in my considerations for Phoenix that you might find helpful as well:  Demand for both buying and renting property remains high due to the city's strong economy and growing population. 

Now if you are seasoned and portfolio is mature and you are not as concern about maximizing income then I can see a migration to SFH might suit someone.  

I buy in the 220-260k range.

Looking to buy Business around Portland metro below $300k.

when i buy dirt and do the horizontal these deals can take 2 to 3 years 2 years to get through approvals and horizontal  12 to 18 months to build and sell.. thats a 20 to 25 lot project.

He was a good guy” and his information  on buying at tax or foreclosure sales was realistic and doable. 

I took quite a break from buying properties and now on the hunt again.