You have already laid out both scenarios. 

@David LewisRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Had a quick question.I purchased the property for $500K about 10 years agoI'm selling the property for $575K with the Fire DamageI received an insurance check of $380K for the fire damage.After Paying off the Mortgage + Escrow + Realtor Fee's, I'll be left with about $150K.My question is will I get taxed on this $150K?

Any tips or insights would be greatly appreciated!

It turned out this was his first time appraising one.

Any tips or advice for getting started?

I'm terrified enough of doing this out of state, so I am not interested in additional complexities with BRRRR.

Content will include:Breaking Down Real DealsLearning New StrategiesUnderwriting ProjectsLead GenerationNegotiationsFundingAnd Much More!

Is there anyone out there who can tell me what else we need?

There is no either or here...especially when starting out.