Recently I've been looking at properties around my neighborhood through many websites and if I find a great deal on a property how can I know if it's owned by an Real estate agent or if it's foreclosed?

and how do I know which neighborhoods are best and which ones to stay away from?

If you can't find anything close by, get neighborhoods or areas that are similar in age, amenities, etc.

In simpler terms I can buy houses in my central illinois area in "okay" neighborhoods for 20-55k and rent ranging from 400-800 a month.I work in Los Angeles, and I am tired of both areas.

No equity no deal IMO.Get together with a RE Attorney to ask or get the correct paperwork suitable/legal for your area.Find buyers by networking with investors, agents, brokers, lenders, attorneys, craigslist, bandit signs, newspapers, etc, etc...

I so look forward to connecting with others in the real estate community to learn and share.By getting into real estate investments, I know that I will not only make a better and more fulfilling life for myself and my family, but I will also be a role model and possibly have a positive impact on the neighborhoods that I grew up in (war zones-we'll see).Right now I am so excited, maybe too excited, to jump right in.

I am Bilingual fluently in Spanish as well, which helps in a lot of neighborhoods.

Across the busy street from me, homes are starting at $300k up to $1mil in a very desirable neighborhood right now.What is the smart thing to do?

The most recent comp in the neighborhood was was around 630,000.00 (hasn't closed yet) when I first knocked on her door she was asking me for 750,000.00 it wasn't til I went home and worked the numbers that I realized our bottom line on this property was 550,000.00When I told her our bottom line, it was as a courtesy, she had asked me to let her know if I wanted the house right away.

I checked out their properties online and they are all in great neighborhoods.