Californian trying to buy first investment property

[Jacob Cho]

I'm trying to buy my first investment property with ~$100k saved up.

My brother started his first W2 job last month that pays $45k/yr+ commissions.
I plan to get a minimum wage job/an entry W2 job since I'm still in college and to hopefully qualify for a bigger loan.

A lender estimated we'd be eligible for a $300k loan with $100k down, and a $2,500/mo payment on a $400k property with only my brother's income as of now.

California is too expensive for us so I have been looking into out-of-state investment properties.

What would be the best investing route for us to take to grow our wealth? What should I be doing?
Is it even a good time to buy right now or should I be waiting until interest rates go down?
What type of out-of-state property should I be looking for? Single Family? Multifamily?
Are out-of-state investment properties recommended for a complete beginner to start with or too risky?
Do I have to form a team for out-of-state properties or are there other better ways to go about it?
If I have to form a team, how do I go about doing so?

As a complete beginner with no experience at all, please guide me on everything I should know and all the steps I need to take to make a successful investment.

Thank you in advance.

[Jonathan Greene]

Why would you get a $300k loan with $100k down when you can spend way less and get way more in a couple of years? You are going to rush into a terrible decision because you are chasing something you don't need now since you are still in college. Your first purchase with your brother should be a house hack of a multi. Tough in California of course, but I would wait until you find an area where you can live and house hack. If not, you two are going to buy something out of state with no experience and take a dirty bath.