We get together and talk about what has been going on in our investments and feed off of each others information and ideas. 

That's because you usually have to go through so many deals before you get an idea what a good deal is suppose to look like.

Sounds like your niche market is a good idea.  

The idea in apartment complex or hotel searching is that you need to find something that you can immediately improve (then probably refinance).What should you be looking for exactly that lets you know you can improve this property right away?

Once you get an idea of what works well (tiled shower/bath stall, tiled kitchen floor, appliances) in the respective price range this will go pretty quick for you.  

I still have a good idea of A n D properties are (I think lol) but it seems like everyone's definitions of what each are can vary drastically from person to person so I was hoping I could get a bunch of thoughts together so I can come up with a better idea of what they will be to me.

Good idea, thank you.

Just make sure you do your research on each property (of course) and have a good idea of what you are looking for (side of town, ranch, 3+ bedroom, etc...) 

Ideas?

I'd love to maybe listen to some of your cool experiences and maybe share some ideas.