I’m in 3rd-4th tier markets and am doing well.

We are real-estate investors from CA & trying to pick an OOS market with Tulsa (stable economy and future outlook, modest appreciation & reasonable cash-flow).We heard from family/friends about new construction duplexes around the Tulsa metro targeting investors. 

Based on your market, you'll figure it out pretty quickly if mid-term is for you or not.

Both were off market deals. 

You will learn so much from people who know the market and they will also have resources that will be useful to you.As for the properties themselves, it never hurts to start looking.

Additionally, having a real estate agent who understands the local market can be invaluable for pricing and tenant placement.

What is the apartment/rental market like... you know the drill.Good luck. 

Hotel/Motel, Condo, Apartments all have had substantial rates because a lot of companies have either stopped writing the business or non-renewed it and the companies that will still write it have to take premium because of the risk they're taking on.I know that doesn't help you at all but my advice would be if you have an independent agent who you trust and like and believe they're doing the best they can for you stick with them and let them work all the markets for you.

Would you rather own a stock or a mutual fund that only invests in that same stock?

Hard money loans are a great option for off-market properties, but that is a whole other world that I may not suggest for someone just starting off unless you have some rock solid mentorship.