It has jump started my desire to become a real estate investor so I can't wait to learn from this forum.

Here in DC we have many young professionals with steady jobs, great scores, references, etc. who want to rent our place (that's in a desirable location, lower priced) and  we get too many great applicants that it's hard to pick from.

This is what a hustler does.It starts with putting yourself out there and describing what value you can bring to people who don't know you.As for your other desires (owning your own home, etc), I don't have much to advise.  

What are some desirable neighborhoods?

What are some desirable neighborhoods?

Real Estate has been a business I have always desired; therefore, I’m welcoming information that will assist in this business to become educated to be successful.

There is a house for sale at around $150K in a desirable area.

In a multiple offer situation, FHA loans are the least desirable and usually the most likely to not get accepted. 3.

Even if this is the case, you may be able to accomplish your desired outcome here.

With regards to your questions:Quality of the neighborhood: This should impact your desired cap rate. 10% cap is good if it's in a "nice" area.