@Danielle J.Welcome to BiggerPockets, a place to interact with a vibrant REI group, learn the real estate business and language.Since you did not mention a specific area of interest, I added links to three of the most popular niches for your to select one or all while you wait for local networking contacts.http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property) http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)It doesn't matter if you are young or old, totally new or need to build upon your experience.Yes, you have just announced a commitment to the thousands in this community about your seriousness regarding REI and have taken this bold step to affirm it.Your time on this site with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.Don't get overwhelmed by the massive amount of data archived on this site.Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.Feast on the Podcasts, #askbp Podcasts, blogs and webinars REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

How do I go about choosing the right city and what data sources do I take advantage of in making this decisions?

I have looked at the "city-data" website for Yonkers, NY and I know that the population increased 9% since 2000 and the median income is in the $50,000 range. 

@ANNA BOBROVAWelcome to BiggerPockets, a place to interact with a vibrant REI group, learn the real estate business and language.Seeing that you are uncertain about your area of interest, I added three links to the most popular REI niches for your review and selection of one or all.http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property) http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)It doesn't matter if you are young or old, totally new or need to build upon your experience.Yes, you have just announced a commitment to the thousands in this community about your seriousness regarding REI and have taken this bold step to affirm it.Your time on this site with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.Don't get overwhelmed by the massive amount of data archived on this site.Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.Feast on the Podcasts, #askbp Podcasts, blogs and webinars REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

If it is possible, how long is it that I have to wait to until I am able to explore either of these options?

We're exploring options for our move and looking for advice.  

There is still a value play there which I will explore very soon.

I think one issue is whether the recipient has to pay some tax.. kind of like winning money on a game show.will explore that it could very well be.. and I suspect it would be orginary income so depends on their tax bracket but .. who ever ends up with this will figure that part out.

Most I see use inflated ARV's (goes back with not knowing how to find MLS data etc.)..A realtor is a Wholesalers important asset if you ask me! 

I am starting to explore multi-unit apartment properties in a state where I have not invested before (Ohio), however I have family there.