One agent will not know all of the off market opportunities.For me - a Realtor in Northern Virginia - if I am working with a buy and hold Realtor where the majority of the deals come from the MLS, I expect exclusivity with regard to listed properties. 

@Andrew ShippyYou should be adding those amounts to basis and depreciating it over 27.5 years.You should also look to possibly selling the property so you can be entitled to up-to 250,000 of gain exclusion($500,000 if married filing joint).The fact that you brought it at foreclosure 4 years ago with some renovations done makes me believe your built in gain is significant.You should definitely talk to an accountant about your options.

However, I am wondering if more experienced, out-of-state investors consider it a better use of time to start not with searching for properties but by analyzing target markets and then searching within those markets exclusively.

To confirm your inclination, I am looking at residential properties exclusively, mainly SFRs and possibly small multis.  

Keep in mind that if you do move in you start the clock and after a few years you can sell and take your 500K capital gain exclusion.

Yes mutally exclusive from the GC in place I would have a PM.

Also, repairs do not have to recapture when you sell the house too.Regarding selling your house:Since the rental space was physically part of the living area of your home, such as a spare room used as rental room, the rental usage doesn’t affect your gain/loss calculations and will qualify for the full exclusion given you meet all other requirements for capital gain exclusion under Section 121.However, gain attributable to depreciation claimed cannot be sheltered with this gain exclusion.

Most owners with 40% + equity have greater than the 500K exclusion for couples and 250K for singles. 

I'm not sure what it is exactly you're looking to do, but I work in the metro area day in and day out dealing almost exclusively with investments.Please feel free to reach out if you'd like to connect.Best of luck!

They also exclusively use the listing agent I worked with on my property.