Stay away from the HOA's and life will be fine.  Many of these prohibit non owner occupied homes.

Every municipality makes their own rules, as do the hoa's.

Tammy - Find a good neighborhood, stick to most common 3bd, 2ba, mid-range priced homes for your area in communities near employment, schools, shopping, etc., and have a good property management company. Find an area that is appreciating in value.

When flipping, hire the best contractor you can find and have them preview the homes in advance of purchasing. 

Tammy,

Have them look at least duplex’s or tri-plexs and preferably 4 unit apartments. So many single family investors kick themselves when they find out how much better a deal multi units are.

There are no restrictions on renting homes but an investor and agent should know that buying a home and then renting it does not come without some risk .  Location is important because if your tenant needs something then you may need to drive to the property . Real estate taxes , market rent and cash flow are all important issues . Also I have found finished basements are a plus.

Get familiar with CAP-rate analysis and look at the areas; who is your most likely tenant and do you want them? Here in San Diego, I know based on where my clients buy, they will either have college students, military, single professionals or families, among other "tenant groups". All other comments I've read seem to contain great advice collectively so I digress to them. 

And despite Michael's comment, we're not all difficult  to work with, but I will say he's correct in that some are more challenging than others; but that's true of re-sale buyers too.

Typically you'll wan 3 bed 2 bath at below market price. See if there are any property wholesalers who can provide properties.

For investors it would be price point.  Location would come in a close second.

 Good Friday morning Tammie. I have worked with some investors and they are a real bother to work with and for. Good luck!

Hood morning Tammy. The answer will be different for all of us, for me it is all about price, rather than location and no condos.

get the area and size that appeals to the greatest number of renters. so its like baby bear mama bear pappa bear.  safe is the key. 2. pick a management company , if the investors are green start shopping mgmt companies now. there is so much more. i would stick with 3 bedroom 2 bath. have a home inspector or someone qualified check it out early. dont wait til u get into contract