It hard for me to believe there is a one size fits all investment strategy as this individual was implying. 

By no means do I want to imply that I'm not flipping while I'm developing.

That's not to infer or imply that each participant will share the exposure to that risk equitably.Every opportunity has a linear combination of risks and rewards.

I figured knowing a few investors was implied but just didn't know for sure.

I read about this and I think that either way the current landlord is in violation of the Implied Warranty of Habitability.

I'd like to error on the side of caution and say to all new business people not to send any business plan or any written material that:Mentions money being needed or soliciting any loan; andThat describes any return on your investment, cash flow or nature of profit; andMentions that any position in your entity is open and available to them.Not only will describing a specific return on an investment lead to problems, but any statement that could resaonably imply that you are making an offering can be a problem.

I ask because a book I'm reading kind of implies that you should be utilizing a Realtor to help you with comps and neighborhood info and such.

You are taking different risks.Appreciation will be lower and the number of owner occupied homes is also likely to be lower.The crime rate might be high though this is not required.The management is likely more time intensive though this is not to imply that high priced areas always attract better tenants.Think of rental property as a job.

It seems that they generally break down one's implied cap rate goals.Looking in Bloomfield, a 2 family near major employment / retail in an ok neighborhood for sub $300k can be had with rents in the $3k range plus some potential for fixing the basement as an extra unit.

This implies the impact is likely to be concentrated to those areas that have higher STR concentrations.