If you ever have the time and feel comfortable sharing your experiences and tips, I'd be happy to buy you a coffee.

You are missing my point on taxes.Scenario 1:  Your partner buys the house at the same time you put your cash in.  

I work with a ton of new investors as a realtor the #1 way to get started is just find a 2-4 unit in decent shape and buy it low down with conventional financing 5-10% then you can live in it for a year and do another next year.

Those that cannot weather the storm get wiped out.Having cashflow positive properties provides a margin of safety you just do not have with negative cashflow.Why are you focused on buying in your backyard? 

What would you say to the first time investor looking to buy, rehab, rent, and refinance in Dallas?

Right now in DFW area it is probably cheaper to rent then to buy. 

I live in Charleston, SC, and am looking to buy my first property here this year.

As long as the lender can finance in the state that you want to buy in, then work with them.

Buy box in that 100-250k range, single fam or small multi fam.  

@Camille Romero I would not buy a property in a city with a declining population.