The property was located in a desirable area with good market demand, making it an ideal candidate for a fast transaction.

However, while there are too many housing units and the population will likely continue to decline, there are still desirable neighborhoods that even as populations decline, will have the highest demand for housing due to infrastructure and amenities.

Good deals (great deals) are WORKED - negotiated, bartered, set up creatively, and necessitate understanding the opposite parties motivations, desires, needs, pressures, etc.

I'm new to the real estate investment world, and I have a desire to learn more about the best practices in the market.

@Sabuj Banerjee generally Buda is seen as more desirable than Kyle but both areas are growing like crazy.

Something that is not easy to identify with the owners if desired (aka don't use your initials)5. 

Will it be a property to live in yourself or to rent out, have you thought about any desired ROI, your buying power capabilities, etc.There are a lot of people in this post that can give you a hand of direction towards certain places/markets.  

However, since Ive never done this before I decided that the amount of capital needed in my desired markets was too great to risk testing my strategies here.

This is an all-too-common mistake: a rental sits vacant, less-than-desirable tenants are approved, and then those tenants don't pay and cause issues.You have to rip the bandaid off and ask them to leave.This may sound harsh, but it's not entirely the tenant's fault.

If you have the time and desire.