HELP! Rental Condos as investments?

My wife and I have been thinking of purchasing a couple of condos to rent out as an investment for us. Is this a good time to do this? We have been thinking about either Las Vegas, Scottsdale or South Florida, but are not sure if this is even a good time to jump into the market. We do not have strong real estate investing experience; our mortgages on our current homes have been paid off, and this would be a cash deal on our end.

Any advice would really be greatly appreciated. Are we better off purchasing properties in different states or all in the same city?

This is all about speculation and opinion:

(1) You shouldn’t really use your cash resserves (capital) for a single puchase…the strength of REI is the ability to use OPM (other people’s money) to safely leverage your money/investments.

(2) IMO Las Vegas, Scottsdale and South Florida all have their own problems…LV is falling rapidly; Scottsdale is way over-priced and probably won’t cashflow, and South Florida is spotty dependin on exact location…