I'd recommend having enough to close on the deal + rehab + $5k in reserve as a minimum. 

LTRs with long term conventional financing and standard management aren't really cash flowing anywhere right now. sure, there are lower cost markets that look better on paper, but there are costs associated with those supposedly cheap markets as well - deferred maintenance, more challenging tenant base, higher cost turnovers as a percentage of the rent.2. i wouldn't pick a random market thousands of miles away based solely on statistics or numbers. 

You hit right on the nail.

Any tips for navigating the competition in such a hot market?

The main problem with negative cashflow properties is this. 

Congratulations on your CFA....that's a big accomplishment. 

Hi Chris,Congratulations on your first flip!

While on the topic, an S-corp will never save you anything on your rental properties, so don't place rentals into an S-corp.Form a C-corporation. 

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