I have a set of essential equations to evaluate deals before entertaining further analysis. 

@Arbi Boghoz - I just helped another investor with a rental just steps from MacDill, I will send you a PM and we can chat in more detail. 

2) +1 on the analysis paralysis advice.

You want to be able to keep track of all details regarding your property and you can do that through the Fixed Asset Items List of QuickBooks. 

I ran some analysis on this, and for a property with a ~10.5% CoC return at 4% interest rates, that will drop to ~8.5% at 5% interest rates: If you compound that with increasing property prices by say 5%, then the CoC drops to 7% .

I have experience on real estate investing such as fianacing ,deal analysis,and other things on it .

I personally believe though that it is very easy to get into the trap of analysis paralysis if you go to deep into this.

It's hard to perform a useful analysis without an estimated renovation budget, so let's assume it's $15K.

To be more detailed about out of state investments I would look in Dallas, Houston, Miami, Phoenix, Atlanta, Nashville, Chicago which is a northern location. 

Now I'm not referring to trying to time the market because very few, if anyone can do that but just learning the value of staying patient as my goals are to buy and hold rental properties.Overall, my new game plan is to continue to learn and practice running analysis on properties and to work my but off at my job to have enough cash for when the market does cool off a bit to purchase 1-2 properties.