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If you know your market, how to effectively analyze deals and have a rockstar core 4 (agent, prop mgr, contractor, lender) in place as David advises, I think you can invest in any emerging market no matter how close or far. 

Now you need to start preparing for marketing, showing, screening software and processes, selecting a tenant, Fair Housing, emotional support animals, collecting a deposit, disparate impact, local and state housing laws, Section 8, your lease agreement, late rent, unpaid rent, partial rent, bounced checks, etc.No worries!

A partnership doesn't compartmentalize liability as effectively, and the requirements for a C-Corp tend to be too laborious to justify it for smaller outfits.

By screening applications and selecting people with secure jobs, good income, and good credit, you will reduce the risk a ton.I manage 340 rentals and less than 1% of them ever leave owing more than I have on deposit.

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You should figure out which part you want to invest in before selecting an agent.

Also, how can I effectively negotiate closing cost terms?

My other comment is on trusting your gut when it comes to selecting an area to invest.

I’d like to give you the details and see what yall’s thoughts are...10 Unit (of 2 buildings)Listing Price: $1,100,000Potential Gross Income: $124k6% Vacancy (but building is currently 100% occupied).Effective Gross Income: $116kNOI (Including a 5% CapEx and 7% Property Management): $75kDebt Service is around $50kLeaving me with an annual cash flow of $25kDSCR: 1.5B/E Occupancy 73%Cash On Cash: 7% (with 30% down payment)On paper, it seems like a great deal based on everything else I have analyzed in my local area.