If your application has only one space for an emergency contact, you might want to consider an additional sheet with a few more.  

You definately want to identify one or two potential lenders first so you have proof of funds should a seller require that in order to consider an offer and and so you are ready to go once an offer is accepted.

I think it is recommended to start real estate in your own area first.Should I ignore the cash flow aspect and consider an investment?

Consider an exotic product like a "leasehold" exchange which would allow you to exchange into improvements on the lot you own.  

Until it comes time to draw, I've come here to research and learn.So perhaps I should ask - to those of you good folk in and around the St Louis area, what would you consider an adequate reserve, a good property type for starting out to dip a toe in the water as it were (single, multi, etc), and your own vision toward growth.

The physical properties should always consider an exit plan.

Most companies consider an inspection when they drive by the property (which they also hardly ever do) or when a maintenance tech is onsite for repairs.

After that, you may consider an acoustic ceiling tile that has noise absorption built right into each tile.  

Today my agent received a call from another agent who had a buyer who missed out on a home with the same floor plan and wanted to see if i would consider an offer on my house.  

@Jim Blackburn's advice is right, but not just because it's an out of state rental, but because it's a rental that won't cash flow, it ties up your VA entitlement and because it's out of state.You can get many many more deals on multi unit properties in Maryland and DC (let's not forget the rents that are possible in the District) or even VA Beach Norfolk area than a single unit that's that expensive when it comes to cash flowing rentals.If you're going to consider moving to the Annapolis area, consider an FHA 203K loan that will allow you to use someone else's money for renovations in a home that you want to live in, even units.