If you're set on investing out of state, whatever market you decide to invest in it'll be important to develop your core-4: https://www.biggerpockets.com/blog/core-four-real-estate-tea... 

Lol inexperienced buyers are always shocked by closing costs anyway.

It never ceases to amaze me how these questions immediately expose how inexperienced and naive these folks really are.

I'd argue that if you're buying in a high priced market, some inexperienced teenager who lives in his parents basements is even more dangerous to consumers.The fact of the matter is you've got to go to school for 6+ years to be a lawyer or an engineer. 8+ to be a Doctor. 5 year apprenticeship to be an electrician. 

That would make zero sense.Most Class B properties are also not the target for S8 tenants.That leaves Class C & D properties.There are a ton of inexperienced (and only a few experienced) investors buying Class D properties and trying to entice S8 tenants to rent them.

If you were merely inexperienced I might mention that, but it's not something to harp on.

However, as first-time and inexperienced homebuyers, we overlooked critical issues during the initial inspection.

Also, I don't think that you will have enough money to do all of that and buy a flip.Flips are VERY difficult if you are inexperienced.

The two reasons why most inexperienced investors lose their shirt on deals is incorrect assumptions on improvement costs or exist values.

However, as first-time and inexperienced homebuyers, we overlooked critical issues during the initial inspection.