Hey Lou,Cost, time a quality will be the key to anything you will take on.

Listen to the podcasts , get active on the forums & set up key word alerts to be notified when people are discussing topics you're interested in.

What key words and or indicators are clues to insinuate that you are looking at a great deal? 

For example, you set up key word alerts. http://www.biggerpockets.com/alerts

Use the BP calculator :-).  2)  Do not buy in the ghetto because the numbers look good3)  Write down your screening process  - this is your most crucial key to success and less headaches4)  Deliver the best rental product   - new appliances, toilets, vanities, paint, fans, clean the A/C and exhaust vents  - this is your second key to success and less headaches5)  Get a good lease  - I can share mineIMHO, I think MFs are overpriced right now.  

So it's the search that's key.  

Depending on your rehab skills we may have a project for you in Siesta Key.

There are always people in expensive markets that appreciate turn-key homes!

But, most beginners don't.Your best shot of finding a deal is "driving for dollars," as Brandon terms it, looking for vacant/rundown properties in good neighborhoods with great school systems, then contacting the owners, who may have been considering selling, but not taken any action, yet.Another key is to pick an area and focus on that, getting to know local values like the back of your hand.

Feel free to call.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.