Im pretty new to real estate investing and the only type of properties i could get my feet wet in is low income areas. Do you think this would be a wise fiirst time investment or should i save my money and wait for some thing in a better area?

The thing with low income areas and especially with the market right now, you shouldnt invest for appreciation, you should invest for cash flow or future cash flow. If you can find a property in a low income area and buy it cheap enough there is a possiblity of reselling, but right now im personally looking at more rental properties. Finding properties that provide a cash flow and then paying down the mortgages to increase the monthly cash flow is a good opportunity.