OK, so when looking at pre-foreclosures you have a few types of strategies to work with:Short Sale (some equity)Subject - To (low equity, possible upside down)Wrap (some equity)Fix and Flip (mid to high equity)Wholesale (high equity)If you are looking at a subject - to, the key is having a strong knowledge of the entire system AND a rockstar title company.

Hey guys, I'm in the process of getting pre-approved for a mortgage and I'm strongly considering purchasing my first rental property in the Palmdale/Lancaster area...

I agree with @Jo-Ann LapinThe Inland Empire in great, strong blue color towns are the best option for you.

I have a strong history in sales and customer service and can't wait to use my skills and motivation to help me to succeed in this industry.

Strong.

Some interesting stats (and signs of a very strong real estate market) in this report published by the Pinellas Realtor Organization.I'm definitely seeing a very strong seller's market in St Pete, at all price points, as both an investor and Realtor.Thoughts?

Also, as Todd mentioned, it's important to do you due diligence and have strong partners locally.Happy investing!

I recently looked briefly at a parcel a newer developer was looking at that could support something like 20 units/ac for 34 total units, but he wanted to do townhouse/duplex style buildings on their own lots.

And ironically, there's a very strong argument for the macro playing a much bigger roll in price appreciation or depreciation.  

While I Am strong believer in taking action you also have to understand why you are going to pursue whatever you decide on what you want to do.