Critical Decision for a Young Newbie Investor (Leesburg, VA)

[Tim Burris]

Hi everyone,

Newbie investor here from Leesburg, VA. Thankful to have found a great community here and wanted to get y'all's advice for my current situation:

I am a recent graduate from college (23 years old) and have saved $40,000 (strictly cash - but I found out I can also take out $10,000 penalty free from my ROTH IRA towards a home - so $50,000 technically). I am currently living at home rent free, commuting all the way to Washington DC which has taken a toll on me but also has given me a great financial leap to save money. I am looking to use the $50,000 as a down payment on my first property, but I do not like the NOVA area in terms of finding either a cash flowing SF home given the price points, and there are barely any Multi-family units (the ones that are are beyond my price point).

After researching multiple strategies, I either am looking to (1) be an LP in a syndication with the money, or (2) invest in a SF home in the Richmond, VA area (great market potential, better price points, etc.). My goal for this first property is to simply get started, and it appears very difficult to get started in the Northern Virginia area.

Can I get tips from any similar investors that first bought their first property far from their current hometown? 

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Thank you, I appreciate any advice and/or guidance in direction that will help clarify my approach!