Could anyone provide recommendations on specific locations or strategies to maximize my chances of success in this venture?

I don't have a 100% bulletproof answer for you because these numbers are subjective and vary based on factors, like; Location, Market, Investment Strategy, etc...

Buy/hold strategy.

Is there any specific strategies you are interested in using? 

However you do have the opportunity to look at a 1031 exchange which would indefinitely defer all of the tax on that $240K gain.Selling one larger property to use the proceeds to purchase several smaller properties is a classic 1031 strategy called a diversification exchange. 

The most common strategy here would be to do:1.

Some options here - What is the rental strategy - is it leased or vacant?

However, they typically offer less square footage and might have limited design flexibility.

Some alternatives you could consider are Mid Term Rentals (nurses/insurance stays), Short Term Rentals, or a Rent by the Room strategy.

For example, our thinking was buy $450k property, spend $60-90k in conversion and generate $3500-$4000 in rentals so that there is positive cashflow.Would you recommend any other strategy in Tacoma,Puyallup, Auburn  area for positive cashflow?