I'm thinking about using the Direct Mail Strategy to target multi-family properties and owners who might be motivated to sell. 

You then have up to 45 days to identify a replacement property and up to 180 days to close on that target.

For example if I target a specific neighborhood, I want to make sure I hit every street in the neighborhood.

Due to the current economy, we'll probably be waiting until late summer/early fall to start writing offers, but in the meantime I'd like to spend my time networking, researching target areas, and analyzing deals for practice.I understand that several investors will recommend buying locally first before expanding out of state, but I am of the mindset that (1) I do not wish to sink so much money into my first purchase, (2) I may be less risk averse than some other newbies, and (3) while no one wants to have a bad experience or investment, I'm willing to look at it as a learning experience instead of a total loss.

(Penny foolish, pounds lost).

After having done several dozen deals myself, I am just now doubling down on establishing my target market and Avatar.

This is one segment of the market a lot of my investors target, because they'll usually get a better deal.

I would preferably get a buy to let since renting through rooms (to a target audience of students) can offer 8% net rental yield.

Hi Percy thanks for the response,My target deal size will be $1-5M multifamily properties.I will be the sponsor, and there will be one equity investor.I will be the active participant.The investor would want decision rights regarding refinances and dispositions.We'd generally be looking for a loan for 60-75% LTV via bank or Freddie Mac SBL. 

Maybe for a newbie like me I should only focus on (1) pulling together all my landlord templates/processes, (2) continue to read and educate myself, and (3) keep a close eye on my target markets -analyze and track properties (I created a property tracking sheet).