Also keep in mind that at least the time I read the rules an owner had to reside within X number of miles of the city and if they didn't they had to hire a local PM. 

Who is identifying these markets for you?

But with the sharp decline in mortgage rates since May, the moribund housing market is showing signs of life.Confidence rising; competition falling.

Louis, Mo, Condo in San Diego, Ca, 8 unit Apartment Building in Los Angeles.Want to expand, primary residence is Las Vegas, open to all markets.

In my area sellers want "as is" but with the market not being insane you can negotiate with the seller.

Look at other rentals in your market and see what they say.

It’s great that you’re combining that with real estate.I'm not in SE Idaho, but I connecting with local investors and attending meetups is the best way to learn more about the market.

A little patience and properties often hit the market with lots of hidden value opportunities 

I am starting out in my real estate investing journey and was hoping to see if fellow investors recommend pursuing short sales, banked owned properties and foreclosures, versus pursuing typical MLS properties or off market properties with distressed properties or sellers.  

Next I think I'll read Brandon Turner's "The Book on Rental Property Investing" as that seems like what I'm drawn to initially.Beyond that, I'm focusing on:-Scanning/reading any posts that catch my fancy-Keeping an ongoing notebook of things I want to dive into further-Reaching out/making local connections (KC area)-Discovering if there are any clubs/meet-ups/groups I should joinI think with that, my path will start to take shape.