PMBLUE, there are a few things you have to consider. Your goal being one of them. Are you only purchasing so you can use as a vacation home on occasions? Are you looking for Monthly Cash Flow and Equity in the property? Personally I would stay away from areas such as Florida and Vegas. If the rent does not cover all your costs, such as mortgage, insurance, property taxes, water you could be in the hole every month. What is your exity strategy? Is it to sell in a few years after you have made good cash flow or refinanceto pull out cash and buy more? I suggest to many of my overseas investors to start with smaller cities with high rental demand and higher foreclosure rates. As many are foreclosing, they still need a place to rent. There are much smaller cities you can purchase properties and fix up for under 35k, with market values in the 50-60k range. Rents can garner $600-700 per month cash flow. If the tenant is on Section 8, gov funding, you can receive more. The yield is much higher and you are able to cover expenses without a problem, seeing green.
If you are just seeking to purchase a home for equity alone and do not mind coming out of pocket, because the market will eventually go up, that is a different strategy. For this, you should have a good monetary cushion. You will not see much cash flow though, or it may be negative.
There has been talks of different areas in the U.S. Buffalo was very common a few years ago. There was much attraction to the high yields, but the various taxes they impose and regulations, fees etc made it burdensome mentally, even if you make a profit. Better areas, through much experience and research that are providing good cash flow without as much hassles, are Pittsburgh PA, Dayton, Oh, Atlanta GA. Memphis, TN
Management is always the key. Whenever you purchase, if possible, find referrals for good property managers. They are the key to your prosperity whether investing at home or abroad. The fees are minimal with a good manager and they can make your investments carefree. Also try to get turn-key properties, that are ready for rental if possible. You do pay a premium 40-60k but the contracting headaches are gone. If you buy a fixer upper you can get a much bigger discount many times under 20k. If you do so, try to have contractor referrals lined up, or purchase from an investment company who can refer you to the best affordable contractors, or oversee the work on your behalf.
I hope some of these recommendations steer you towards success