If you have a 401k or a life insurance policy that allows you to invest a portion of your account.

From your post, it sounds like you'd prefer a ready-made neighborhood; this will likely offer you less capital appreciation, but you'll enjoy life more.Another consideration is having control over your destiny.

It's a beautiful city with good quality of life, and prices are much lower than the DC area. 

ALWAYS make clear title a condition of closing.6.

Depending on the type of loan (conventional versus FHA), they have very specific requirements for the condition of the property - from the age of the roof to the condition of the paint. 

and if it get fixed up to a top condition will i be able to have great tenenets there ?

Annuities and Life Insurance7.

Cedar says "Daddy's been working on this stupid house MY ENTIRE LIFE!"

With both of us debt free, we are starting our wealth accumulation/building phase of our life, and we know we need three things from previous research weve been doing, that is paper assets (jobs,401k,Roth IRA, Tax Accounts...), Business (have a few ideas of some businesses), and what brings us to this awesome place, REAL ESTATE. 

I often find buyers having little to no insight into how lenders view a property and under what conditions they will fund a loan.