Use the calculators on BP here to analyze the properties you find, they usually work well.

I'm presently employed in a W2 job and carry the max insurance I have the ability to purchase, however since the birth of my son and analyzing our financial future a bit more have figured this is something I need to focus on at the moment.  

If you know those two things, you'll be in a great position to analyze deals!

Color I can handle, I just go to the paint store and tell them to give me whatever there most popular color is....its usually some type of contractor beige.I'm hoping that there is a service out there where I can take pictures and email them (or have somebody come to the house, but I'm somewhat rural and doubt they would exist locally) and tell me exactly what to put in.  

Good food and drinks, nice atmosphere.I don't venture to the west side a ton, but I can tell you that Lakewood and Detroit Shoreway are both popular areas.

I've been reading the blogs the last 6 months and am now excited/scared to buy a rental property in Orlando Florida.Here is the link:http://www.zillow.com/homes/1206-S-Lee-Ave-Holden-Heights-Orlando-FL-32805_rb/Please help me analyze if this is a good deal or not and whether it is a good area.Purchase Price $105kDownpayment 25%Currently rented at $1300/monthProperty Tax $74Insurance $60Management Fee $100Repairs/Maint 65Mortgage $410I am seeing a monthly cash flow of about $200 but I am not sure about the area as I live out of state.

How do you analyze this deal?

I learned a tremendous amount of insight and value on how to analyze and underwrite not only commercial deals, but small multifamily as well.

Analyze a house with and without those advantages and see how much difference it makes in your profit.

You should learn how to analyze the numbers.If you don't know how a good deal looks like...it's going to be difficult to line up financing and equity partners for the deal.Do a cashflow analysis.Here's a good spreadsheet that I use (I uploaded it in BP Fileplace:Cashflow Analyzer