other may chime in that you should just jump in and buy any old property. 

The main difference is that you don't borrow "money ", but instead buy the property from the lender over 360 payments, and the price of the property is marked up - this is the "profit" they charge.

I would like to buy my first property out of state in Alabama.

Because the Property Class dictates the Class of the tenant pool that the property will attract.

After those 3 steps, start working with an investor focused realtor / lender / property manager, analyze deals and then start writing offers and you'll be off to the races!

@Haneef PorterRecommend you first figure out the property Class you want to invest in.Why is Property Class so important for investors to understand and apply in their investing strategies?

Also, make sure you’re familiar with HOA rules if your property is in a community with one.As for vendors, we’ve found that networking with other STR owners or joining local Facebook groups can be a goldmine for handyman, cleaner, and pool service recommendations.

Secondly, the property and strategy that's utilized will play a critical role in determining the best lending partner. 

I would like to use the equity I have built up in my current duplex to purchase another investment property.

I also planned to hold this property for long time.