Just understanding the market and where the landing zones are for people escaping the north are is probably key. 

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

The key is going to be to keep eyes on the market and be ready to jump if the right property presents itself.

I have a close friend and a client that I am working with to find a condo for both of them. What are some of the things that get most overlooked when buying a condo that will be good know about to prevent unnecessary ...

And bought a few turn-key rentals while in the UK, but located back in the US. 

Hey Lou,Cost, time a quality will be the key to anything you will take on.

Listen to the podcasts , get active on the forums & set up key word alerts to be notified when people are discussing topics you're interested in.

What key words and or indicators are clues to insinuate that you are looking at a great deal? 

For example, you set up key word alerts. http://www.biggerpockets.com/alerts

Use the BP calculator :-).  2)  Do not buy in the ghetto because the numbers look good3)  Write down your screening process  - this is your most crucial key to success and less headaches4)  Deliver the best rental product   - new appliances, toilets, vanities, paint, fans, clean the A/C and exhaust vents  - this is your second key to success and less headaches5)  Get a good lease  - I can share mineIMHO, I think MFs are overpriced right now.