I"m in Crystal Lake, Illinois, so finding, contractors, property mangers and all that is really an eye opener and something I'd recommend. 

Stack up your money, keep your eyes peeled, and wait for the right home.

Even when you do find a value add deal and you go to pull all your original cash out you're so happy but only to realize since you're in such a high priced market and low RV (rent to value) area that you'll now be negative cashflow so its a catch 22 in high priced areas.Barring you use creative strategies, operate a business like short term rental, rental by the room, halfway housing, transitional housing, B&B hotel like model, its tough to make the numbers work in high priced markets.I have helped investors in the 1-4 space coordinate the financials and how they have to display these figures to continually qualify for funds going forward.

We actually always keep an eye out for properties near hospitals, there is a lot of business surrounding hospitals and a constant flow for demand.

Railings also have codes such as spindles no more than 4" apart so little ones couldn't catch their heads. 

I'll be sure to keep an eye out for lender points, escrow fees, and attorney fees.

Simond - For housing and real estate, I check out the monthly/weekly stats from our local realtor association/MLS to keep an eye on stats and changes.For business and real estate, our local business journal is really great for keeping tabs on our local economy, employment numbers, companies moving in/out, and commercial real estate.On a national level? 

Eye roll.One concern I would have is the time commitment.

@Riley Ricobene If you plan to rent out, keep a close eye on assessment as that's the profit killer on any condo deal.

I researched the hell out of it, talked to a thousand people (including a thread on here), and ultimately the deal fell apart once I got eyes on it myself and had it inspected (I don't know much about pools or wind shear, so I had a local inspector).