First investment property

[Edwin Giraldo]

I am ready to make my first purchase in an investment property. I have located the house and have spoken with banks, I will be obtaining a preapproval in the upcoming week. 

The property is 100k I'm putting down 20% and will be receiving a monthly passive income of 1k after paying the mortgage. 

I want to know if this is a good first step into real estate. Considering the fact that this is my first investment I want to know any advice that you may offer in terms of negotiating the house, selecting a bank (I posses a 785 credit score), closing costs. tenants, insurance, basically anything that I should be paying attention to. 

Also, I am currently living in Michigan and I will be purchasing the property in Philadelphia, my parents who currently live in Philly will be responsible for managing the property. I have not purchased a primary residence yet. Should I still continue in pursuing the investment property as a first step?