Honestly, your best bet is to actively network, read books (boring and interesting alike) and listen to podcasts to develop your knowledge.

But would I bet a super-high end rehab on it? 

If that is the case, I doubt you would get $1200/month for a 3 bedroom unit.While I am guessing because you did not give much information at all, I would bet the renovation would be closer to $20k for what your talking about doing.

Best bet is to call the building and code enforcement departments regarding any prooerty related violations.

Best bet is to contact local brokers.

@Jeff Piscioniere It depends on how the title is held (but I'm willing to bet is in the guy with the mortgage name, since the lender will most likely not allow other owners not tied with the note) and it depends on what you have in your operating agreement if the partnership is protected or you are exposed to problems partners might create. 

The appraisal is your best bet.

TaskRabbit, Angie's List and Home Advisor are your best bets.

I believe that multi-families are a far-far safer and more profitable bet.

Your best bet is to have your agent recommend a legit lender....require buyers to meet Their preapproval process (a real one, tax returns, pay stubs, bank statements, etc)....they don’t have use your lender for the loan, but meet their preapproval standards.