A professional appraiser's time and expertise are required on the first few deals, at least until one develops an eye for these sort of things.

I agree that if you are not local you will want to stay away from the College Rentals ...there will be high turnover and they dont take care of properties as well if no one is keeping a close eye on the condition of the property.  

Keep in mind that the definition of a bad neighborhood is in the eyes of the investor.

I've been eying properties in the East Dallas area for the past few months.

Will keep an eye out.

I have read until I feel like my eyes are going to pop out.

That way the seller is protected in case you walk during inspections, and you're protected for the FHA.But I also give sellers the side-eye whenever they make it a point that they won't assist in tenant removal (especially when I don't bring it up).  

Realtors are always Realtors first in the eyes or regulators and the law, they are expected to take that route which best serves the public.

Keep your eye on your documentation so that you can use it to demonstrate your intent to hold for rental or investment purposes.

You do have to keep a close eye on the process, however.