@Bryan Milian1- One month of market research on major metro areas2- Two weeks of talking to leading agents in your top 3 markets3- Four weeks of learning the markets4- Offer, offer, offer- stick to fundamentals...long-term buy-and hold small MF (your available cash will be the number one factor in determining what you can afford and what locations you will end up buying in...you'll be comparing apples to apples in your top 3 markets...as long as you have a top agent, you'll be golden)Best of luck 

(It happens)Historical appreciation is no guarantee of future appreciationGetting a house for less than asking doesn't mean anything as most homeowners are also bad at gauging true valueSince you are in central Texas, have you looked into Lifestyles Unlimited? 

I pay unusually cheap rent for a lovely apartment in the heart of Cambridge, MA and the more I look around, the more I realize how hard it will be to find that lifestyle and price combination elsewhere.

I pay unusually cheap rent for a lovely apartment in the heart of Cambridge, MA and the more I look around, the more I realize how hard it will be to find that lifestyle and price combination elsewhere.

Mainly it will impact your insurance score which is a major factor in determining the rate.

The other complicating factor is that I currently reside in a different area of the country than that in which I am interested in investing. 

Deal size is an important factor here to point you in the right direction.

LOTS of factors to consider but the amount of your investment capital is a major one.

However, I have a limiting factor in my way which is not having a job hence not being able to finance any properties.

@Ross Hendry - House hacking is a complete no brainer to start out, I am a big fan, even though I never took that step (was already too far down the suburbia lifestyle).