Find a couple SFH's or townhomes in the surrounding communities that are far enough on the fringe that I can maybe get positive cash flow and still have some reasonable confidence in appreciation over the long run.

I wouldn't suggest buying in an area surrounded by vacant houses, try to buy on the fringe of these rougher areas (corner lot maybe or close to a highway) rather than dead smack in the middle and you'll be fine.

for me easy.. get a real estate license sell real estate and get paid to learn.. instead of what seems to be common these days with people that invest in their small business with no experience.. that's a pretty tough way to go about it.I was young I got my license at 18 and was focused on making sales to earn income .. with this income I bought homes in the Bay Area.Be surprised were working in the industry instead of on the fringes of it.. 

Buying on the fringe of a hot area is also a awesome way to build equity.

Then maybe at the fringes of the tertiary MF markets where all of the newly minted "syndicators" bought assets.

A couple whose combined income is what % of or over DTI that put them on the fringes of failing.  

In many of the neighborhoods on the fringes of the already expensive areas, that are likely “next”, people have signs in their yard saying NOT FOR SALE.

Even in the highly desirable areas (think Midtown, 38104) there are abundant fringe areas with varying values.

Obviously most of them are in the red on the Trulia crime map, but some I've noticed on the fringes sitting in the green.

You may find fringe suburbs are a better return for SFRs.