You can find deals in any market, it is up to the individual investor’s abilities and talents to find/create them.

Just buy with equity and have the ability to lower the rent if you need to in bad times.

Buying out of state forces you to learn all of the skills that you will need to scale, no matter where you are based e.g. delegation, hiring and managing a team, etc.In terms of selecting a market the most critical element is whether or not it cashflow.

Done correctly, those places can work and you don't have to be too concerned with the sketchy element. 

The As-Is sale and purchase agreement allows you to check the box saying you're paying cash, but that voids that ability for a financing contingency.

Will my being in a great job for less than a year (because I graduated in may) affect my ability to get a mortgage even if I have the cash for a down payment? 

Just bring a white noise machine that plays non human audible sounds but scramble the ability of a microphone to record human voices.

@Frank Lesowske aside from the general apprehension of the legislative/political climate of a government that would curtail free enterprise, I'd be concerned about the ability to push rents = raising value of the property.

Next it is just sitting down and following that plan to the best of your ability until you have reached your goal.

Had the ability to purchase my first property and the deal was too good to pass up.