The big thing is to not shoot for the home run deal on your first one.

Bonus question: what kind of impact does this have on my taxes and how do I file this?

Return on investment, with security of a safe neighborhood.

ROI is normally much better on resales. 

I've built some great relationships on here.  

In addition to identifying and purchasing those properties I am currently focused on building out the management SOP's to facilitate smooth management of the 10-12 units owned by 3 different entities. 

One has to weigh the agent cost vs benefit, make sure there in-line. - 30% of agent are "meahh".

Thanks for the mention @Nathan Gesner@Jodi-Ann Birch we don't do business up in Flint, but we have encountered Gebrael Management a few times as they've tried to do business in Metro Detroit.They seem to have good processes, but please validate they will meet your expectations.Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

You can also check their reviews online at Google, Facebook, or Yelp.

We are looking at what's next and want to absorb all the information we can to make the most educated decision on our moves.