Long distance Investment property as first home purchase

[Trace Adams]

Hi all! I am new to this site/forum but have been listening to the podcast and am learning so much. I want to run something by you all and get your thoughts. I am 27 years old and currently live in Denver, CO where I am pretty much priced out of the market. I currently rent with my girlfriend. I do have enough money saved up for a down payment on a house in a cheaper city, just not Denver. We love Tampa and could definitely see ourselves living there in 3-5 years, but right now is not a good time for us to move. I am thinking about buying a rental investment property in Tampa in the $300K range that I can cash flow from and build equity in, while still saving money by renting here. Then the idea would be for us to move there in 3-5 years into that property. I know I would have to put down 20% which will be tough but I can probably do. Any other things I should think about?