You should start with a focus on a 2 unit multifamily property in a market that you can afford to get into. 

But if the situation arises I can't afford to have a tenant fall back 2+ months on rent.

The best areas to consider include East Point, West End, Kirkwood, Decatur (outside city limits), and Marietta, each offering a balance of affordability, appreciation, and rental demand.

@Chris CoreThere are real estate investment opportunities across various markets, particularly in the Midwest and Southeast regions, which offer affordable purchase prices for most investors.

Stessa has ALOT of potential, BUT the execution is lacking and leaves me very frustrated.

That has driven a lot of DFW investors to our market but it's still relatively affordable for investors to get started here. 

I was broke enough that I couldn't afford rent at my apartment, but fortunately my landlord didn't notice, thanks in part or in whole due to some substance abuse issues.Anyways, when visiting my mom in the neighborhood where I grew up, I had noticed this construction van at a house on our street.

For southern states, you might want to look at smaller markets in Alabama, Mississippi, or parts of Tennessee and Arkansas where properties are still affordable and cash flow potential exists.

Taxes are reasonable (in most areas), and there is a significant lack of quality affordable housing.  

If its a Class C I'd go for a more affordable unit, there's no point in putting in more money than you have to.