We have identified several markets we believe look very promising based on the 6 areas we learned about from a BP blog post (job creation, population growth, buildings coming to market, government planning, affordability, and absorption/vacancy rates) and are looking to purchase our first property within 90 days.

David Greene emphasizes this a lot, the best opportunities lay in identifying problems that others have but you might be able to solve when they can’t or won’t. 

Identified a tired property that we could do a mostly cosmetic renovation, some upgrades, and sweat equity on many of the smaller items.

Before you start risking any of your money, do you know your market well enough to identify a real deal ?  

Finding a deal that pencils out is our biggest challenge at the moment.I am also doing market research in other parts of the country to identify markets on the rise and then set up networks that will support buying and operating properties in those areas.

What is the best/quickest way to identify the ins and outs of various neighborhoods, pricing, trends, etc.?  

Drive around your target area and identify the ugly ducklings.

While there I learned some key concepts that helped me learned how to underwrite properties, structure deals and identify key sources of equity.

Maybe make a more specific list of your skills that you could bring to the table and then identify other skills that you would need a partner for.

I listen to the podcasts on all my drives, and you will see as you listen to more and more you will identify common themes and really learn where you want your niche to be.