I was wondering if there are any tips out there about selective breeding. I was planning on buying a cheap broodmare and over a long period of time developing the bloodline by carefully selecting stallions that could improve and compliment my mares. Eventually I was hoping to end up with a several horses that have perfect genetics, conformation and are very fast for the type of track I’m selecting them to be bred for. Thanks for any advice. 
Well, conformation isn’t really a factor in FF but nearly every other factor is. The best advice I can give is go for strong female families, try to get ahold of mares with some relation (even if its remote) to the Reine-de-Course mares (list of those is found on the Hall of Fame page). Since mares with those kind of strong families usually cost a lot (sometimes you can get a good deal so keep your eyes open) then go for mares that have been consistent and at least decent runners. I’ve had some so-so mares that were consistent so I kept them for breeding and when bred to decent studs they produced some marvelous foals. Once you have mares with those connections, or even just connections to stakes producers, and/or a decent race record, picking the studs can be done using studs that have been successful in the past with their foals or using the Hypo Mating (found on the Breeding Links page) to see how a stud would compliment your mare(how he might fill in your mare’s blanks as far as endurance, speed, stride length, jumping ability etc. goes on and on).
Wow thats great thanks for the information. I really appreciate it.
Also, for FF purposes, what you “see” is what you get. So even more than going for a horse with great bloodlines, I’d say go for one who’s performed well on the track. When horses are bred, FF basically does an average of the two parents (with some randomness thrown in). But if you buy a cheap horse with great bloodlines, odds are it was something of a dud on the track. Now, that could be due to bad management or one really crappy stat (ie the horse has good natural ability but HATES dirt and turf and SC tracks) in which case, breeding it’s not too bad of a bet. But it could be due to bad luck with it’s genetics and the horse just got all the crappy genes from the parent.
Confirmation isn’t something you can see, but horses do have a “soundness” stat which controls how injury prone that you could roughly estimate to be the same as confirmation. So keep an eye on how often any perspective broodmares/sires have been injured.
Good luck. Breeding in this game takes a really long time since we’re in real time. So from birth to retiring can be 4-5 real years and then 5 or 6 years until you see the first foal from a homebred. But that makes it really rewarding.