I’m going to outline some of our goals and areas we are looking for advice below.

Live below your means for a while to grasp what you need in your life and understand the importance of wealth and know that it is not easy.Be mobile and ready to go to where things are happening. 

Hey @Deepak Kumar, A general guideline to a “good” location Is below Grant and above Broadway, and east of Euclid and somewhere around Country club.

@Andrew Gibson We used FHA 2% down on the first one, which was a short-sale, and used USDA 0% down on the second one, which we only did because we bought below value and it already had built-in equity.

Hi Jay - I found an article below that I believe answers your question. 

I'm going to outline some of our goals and areas we are looking for advice below.

I have no idea what the average unit size, or bed/bath numbers are like in your market, though.I may have given you too much information so below you will find a quick pro/con list.Pro: lived for freegained landlord experiencegained rehab/flip experince (from a hands on, and Project Management perspective)have a great rental when I move out ( I will cash flow over $150 a door after accounting for PITI, maintenance, vacancy, and Property management when I leave)It is less than 5 miles to workClose to economic anchors (community college, military base, and downtown OKC) Cons:  Not the best town in the OKC metro (the street is safe, and so is the town, just not my forever area).           

General rule of sales.....if you NEVER get any pushback on your prices being too high, you are WAY under priced.Market dictates price and demand...... there are plenty of markets that have very high rent and very low vacancy because that market can support it.Do your research.....local adds on Zillow, Craiglist, rentometer, local PM's...lots of info.....I generally try to stay just a tad below market to increase my pool of applicants, increase my chances of getting a good tenant and then plan of slowly increasing rent over the years if the market can support itIts is a balance..... turnover can cost $$...... but being underpriced can cost you more sometimes...

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.