Consider starting small, like with a duplex, to get experience.

In my experience in MO, land bank properties are very low priced (these are generally properties/parcels that weren't sold at the tax auction), but they often have significant tax liens on them that must be cleared in addition to the "sale price" AND they require a significant amount of rehab in order for the properties to be inhabitable. 

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

I'm just new to this world and wonder what someone with some experience would do.

I manage around 400 rentals with 14 years of experience and have never been sued once.

Lots of folks invest here. 15+ years Realtor/Wholesaler experience.

But I would remain open to long-term rental as an option as this seems like a more stable option in terms of income, again this may be my inexperience talking.However, I have always  been somewhat risk averse and investing in real estate is always a big venture, in my opinion/experience, in terms of capital.

Your decades of experience have made you jaded. 

Blanco,I have 30 plus years of experience in my previous career and would gladly answer any question you would ask me without the need for such condescending sarcasm.  

It also gave me the chance to experiment with short-term rentals before transitioning to a long-term hold, reinforcing my strategy for growing a real estate portfolio.