Looking to buy my first rental property could use some advice.

[Turner C.]

I'm looking to buy a rental property in the Rodgers Park neighborhood of Chicago if anyone is familiar with the area. It is close to Loyola University and is in an area that seems to be getting large amounts of investment. I am 23 and will graduate from college next semester so on the very conservative side I will say my income will be 20,000. Currently I have about 70- 75 percent of the asking price for most of the properties I am looking at. Is a 15 or 30 year mortgage better in my situation? Is this too risky for where I am at financially?