You don't have any control how that cities economy going to perform during the time in which you own your rental.

I am 62 and since IRA's are not performing that good, I was thinking per my questions.

They have knowledge of rents, demand, turnover, specific blocks that perform better than others.

@Lisa MazzarriI know several title companies in Chicago who perform double closings, and can answer any transactional funding questions you may have.  

Thankfully, Northern VA area has robust rental market, so I would rather buy something that doesn't have an existing tenant and then put a brand new tenant, and that way have full control. 

Considering they all have the same term of 12-18 months, and a projected net profit of 1.5x equity multiple, (a $1MM project, with a $1.5MM ARV) which would you rather:-Debt securities, secured by the property, monthly returns, typically at a higher rate, no accrued returns or profit sharing; or,-Preferred equity, higher risk, quarterly returns at a lower current rate, with a set accrued return which brings your total returns higher than would be with debt; or,-Common equity, highest risk, quarterly returns similar to preferred equity, profit sharing upon sale or refinancing the property based on your % equity ownership.Also, any additional information you're willing to share would be great such as the type of deals you've invested in and the performance/results of those investments, especially if they influenced your decision.

Outside of that, lets begin as to the hopes of my posting.I am currently brand new to the Real Estate game.

For someone who is brand new to real estate, what are the steps to take to learn and evaluate the market in your area?

From the lower level you have to figure out how your properties perform.

I'm brand new and have yet to invest but it seems like you've gained a great working knowledge of some aspects of real estate.