Any Guidance for First-Time Newbie Investor in Austin, Texas?

[Tommy Learning]

Hello,

I am a newbie investor. I currently live in a different state, but grew up in Austin, Texas. I am closing on my first investment property, a 2 bedroom / 2 bathroom condo in Austin located in a relatively central location, ~10-15 mins driving from the heart of downtown. 

I took a slight risk by investing in a condo (versus standalone home), but since I live out of state I thought the maintenance would be easier and due to the location it would be very easy to find renters. I am looking for any general tips or guidance on other things to consider as I begin the journey to becoming a landlord and real estate investor.

Background:

- Objective: Build equity as a medium to long-term investment, "lock in" current market prices & mortgage rates before the Austin market gets even more supply constrained. I understand I will take a loss month over month on the cashflow, and that is OK.

- Property: 2 bed 2 bath condo, <1,000 square feet but in great location just South of downtown

- Purchase price: ~$450K (no major repairs), 25% down

- Rent: targeting asking for ~$2K a month, give or take $100ish

- Other: some amenities on the property, comes with an HOA of a few hundred a month

In progress / next steps:

- Finalize closing process & make down payment (early to mid March)

- Make some very minor repairs 

- Find insurance: I could use some help with this, is there a policy recommendation for my situation? I'm familiar with in-unit or "wall to wall" insurance, but should I get something more comprehensive just in case?

- Find renters: my agent will assist me with finding / vetting first time renters. For now, I don't intend to hire a property management company or anything like that.

- Track all expenses & costs to write-off for taxes next year as-needed

Am I missing anything else big to consider? I'm new to this, so hoping this whole thing is a good idea and that I'm doing it correctly. Thanks in advance!