How do you know identify "buyer's markets" and "seller's market".

So we are looking for some advice...We've identified our 'farm' and have been studying and getting to know the recent market.

Some years ago I was an office assistant/ transaction coordinator for a real estate company in AZ.Looking to jump into investing via wholesaling.Action steps I have identified are:• Build my buyers list• Analyze 100 properties in my target market• Consult with a lawyer• Consult with a CPA• Aquire marketing lists• Order 500 direct mail lettersI've been educating my self for 1 month, but I don't want to spend a ton of time burning time and I'm ready to start taking action.How can I find other active wholesalers in my area?

I've been listening to more podcasts as well as identifying my criteria.

What would one look for to identify an emerging market, either for commercial or residential investment?

Down the road, once I have built some wealth with my rentals, I'd like to study economic trends such as employment to decipher some patterns in economic growth. 

Both @Steve Babiak and @Robert Curls have given you some great advice and once you have identified what your goal is for the property whether its fix and flip or passive income, it will make it easier for you to not only locate a property but to get started.

They gave us a standard to use by which we can describe or identify the defects to begin with.

Remember this fact.Now that you've identified the repairs, you have to know the cost associated with the repairs.  

Identify the broker that invests in real estate and has a good rapport with everyone.