Buying 1st home as a rental and not primary residence?

[N/A N/A]

I am considering buying a condo as a rental property. It will be my first home. I actually wanted to buy a house as my first home but this condo is in the booming downtown section of Austin, TX and I feel that I should try and get in the area/market while I still can.

Here's what I'm not so sure might happen since:

1. I might go into this venture with another partner. This will be his second property. He already has a house in Austin. What does this mean for me as far as taxes are concerned - both of us buying this property as a rental but he already has a primary residence whereas I do not.

2. I understand that owning a rental property might diminish my buying power, potential for moving into my own home but what I have discussed with my roommate is me moving into this condo for a couple of months or however long it takes to find permanent tenants and then I'd move out. Is it possible that should the real estate market continue to grow in Austin, the way it is projected to, that I would have built up enough equity in my home after a year or so for my lender to allow me to take out another loan for the home I want to live in?

3. Basically, do you think I would be better off trying to buy a home/condo on my own, claiming it as my primary residence and renting out rooms to tenants as opposed to buying a property (especially my first one) as a rental property?

Thanks for whatever advice/thoughts you're able to share.