I think investing local is best for most people, but not everyone.3) Start analyzing deals in the market you're going to invest in, compare those deals to your preferred strategies in section 1.4) Buy stuff. 

But if you under-budget and you end up having surprise expenses, you've just shot your cash-flow in the foot for who knows how long.And you're much more likely to encounter surprise expenses, compared to surprise income. 

Find similar sold comparable in a close radius, similar SF, style, bed/bath, etc.

Since ROI does not take into account any factor for time, it is not always the best way to compare deals, but certainly one of many metrics to keep in mind.Typically, you will see IRR, Multiple, and Cash on Cash used when looking at deals.As for syndication, there are many, many operators out there, and each has their own investment criteria. 

I took the national and state exam prep course through REE and found it to be very helpful and very comparable to the actual exams. 

While we own property in Chattanooga things are getting high compared to the rents.

I assume is comparable to Austin,TX.

Although it took me a year or so, I was able to replace my teaching salary with some great flexibility compared to a full time W2 job. 

Comparatively, the taxes are much lower than yours at less than $1000/yr.

BRRRR as a strategy involves putting the least amount of money into a deal, therefore cash flow will be pretty to very thin if you compare it to non debt leveraging strategies for acquisition.