Your situation depends on your involvement, your entity selection, and lots of other factors that preclude an informed opinion.3) You didn't ask, but I offer that you should not take or act on any legal, regulatory, or financial advice on a free forum and always seek a professional opinion or two.  

You can win with either strategy (Buy near market and let it appreciate while the tenant pays down the principal and you get the tax advantages, or BRRRR somewhere with easier inventory selection), but in a seller's market to get a property and the discount you want it for you're basically going to have to steal it from somebody.In that case, you're going to need a motivated seller.

For property type, select "Multi-Unit Residential" from the drop down list. 

I'd echo what Alina said regarding contacting an attorney.Have you selected a lender?

We're active in the DFW market in selected areas.

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You must be glad you selected the real estate vehicle man.

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.

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-investingIf 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.

Through research and learning, I compiled a list of criteria for selecting a market, as well as a list of markets, largely based on this article.