But the fundamental question I'm hearing inside your post is 'Do I want to be a landlord of these houses from a distance and are they the best way to make money"?  

Just look at BP here now that I have been posting for about 18 months I already notice the would be wholesalers that get all fired up and never come back and post again.. there are a core group that do well at it no doubt.. every metro has there top dog but for everyone of those there are literally 500 little guys that came and went.One suggestion I like to give is to spend the less than 1k and get a RE license this will teach you most of the fundamentals and you can go work for a shop that does not charge you unless you close a deal and or even better you apprentice with a top agent on their team..

Someone as green as me needs fundamentals first.

What does the weather have to do with the economic and demographic fundamentals of a market?

@Jimmy it sounds like it could be a very nice asset, provided the submarket fundamentals are in place this would be a great way to acquire a class A property at a discount.

What are economic fundamentals that make investing in that are a sound decision?

The economic and growth fundamentals are strong and I know my niche here far better than any other areas.

Otherwise, an IRA held at a custodian that allows RE investments can be used.A fundamental difference between IRAs and 401(k)s is that a 401(k) must be sponsored by a business, hence the requirement for self-employment income.

Trust me on this advice.If you're new to real estate, you need to understand the fundamentals and then work with owners who have clear motivation. 

If you must do that then that's a sign that the underlying real estate just doesn't have good fundamentals as a cash flow investment.Also out of your local market is viable as well just do your research and visit the other market if possible.