First, I would identify the average price points of the majority of recent sales in your area that you want to work in.  

You are correct in that once you have identified a neighborhood and you see a rental listing come on you need to run there immediately with credit reports and money.

I am a new investor, and I wanted to know if there are any strategies you like to use to identify good markets.

You will have to pay for the lower risk with a lower return.I would propose that identifying your own properties, tenant occupied, and putting them under your own property management gives you more control and a higher return.  

It's insane how many deals people will throw your way when they know you only have 45 days to identify (lots of crap with properties that are all priced on pro-forma cash flows!

My background in real estate/rehabs has been full gut job remodeling houses that my parents have lived in as well as remodeling my current home, at one point I was a mortgage loan originator (helps knowing how mortgages/financing works), and I'm currently in the process of getting my home inspection certification to help identify issues for my own benefit was well as generate additional income.  

I have a few thoughts to share:--I think by writing your response, you've identified one of the key issues yourself:  it's important not to make assumptions about your seller, their motivations, and what they may say yes or no to.  

The termite inspector IS the expert and his report should identify the problem, the remediation options and the price.

My immediate needs with BP are to learn the most effective ways to identify leads and obtain financing, along with tips and tricks on buying and managing MF property outside my local market - this is a big desire but also a big concern, not having done it before.  

First off you have to identify what kind of investing are you looking to do (single families, apartment complexes, etc.).