@Laura McPhail, if you are just starting out naked, so to speak with little to no education, you should read the stack of books about it first.

I have been in notes for a few years and was educated by Scott Carson and he has helped me close deals.

Education is worth something different to everyone.I'm someone who feels like he has good advice to share although my successes are extremely modest.

Are you going to leverage it or pay cash?

Don't over leverage.

I’m still researching which niche I want to focus on so my involvement in real estate thus far has mostly been educating myself and I’m getting more excited by the day.

I know this can vary greatly depending on where the units are, what state, taxes, expenses and many other variables, which is why I’m asking or a very rough estimate/general educated assumption of what kind of profit I could potentially see from this.  

The more education you can have is important too. 

Educate yourself - There are a ton of resources here (podcasts, books, forums).

There is so much more leverage in pooling other people's resources and expertise.