I would do this first before engaging an agent unless you are extremely active.

Phase #1 - Recovery  - characterized by high vacancy rates and no new construction- rent, during this phase, is flat or declining- owners offer rent concessions to avoid their property occupancy rate from  decliningPhase #2 - Expansions- characterized by declining vacancy and the start of new construction- occupancy improves, concessions are not being offered, and rental rates being to growPhase #3 - Hyper Supply - characterized by new construction and vacancy rates beginning to rise - rental rates begin to grow at a slow rate- rent concession are being offerred due to the new construction in the area [in the hope of retaining current renters]Phase #4 - Recession - characterized by the completion of construction and a decline in occupancy rates - concessions are abundant to avoid high move-out rates Here are some foundational truths about optimizing your investments:#1 sow seeds of success in the down times - "The season of failure is the best time for sowing seeds of success."

I'm an active-duty military (retiring soon).

The process is very involved as you'll have to navigate pre-construction activities that involve architectural plans and approval from the city and then the construction activities (Shovel to soil) take anywhere from 5-9 months depending on how much your building. 

Focus on connecting with investors, flippers, and landlords who are actively buying.

Talk to your tax advisor about how to release your passive activity losses based on your situation.This post does not create a CPA-Client relationship.

I saw an offer like this one recently with a Navy Federal bank statement that "had $700K" in the bank and it seemed legit.. but the LLC wasn't active with the state and they had assignment of contract language all over it.

Active?

One key tip as you begin is to connect with local investors who are active in the markets you're considering.

That way you know they are active in the BP community!