New to BP- General Help Appreciated

[Alex Donestevez]

Hey everyone, my name is Alex and I just signed up with Bigger Pockets. A friend of mine referred me to the site. I've always been thrilled with the concept of the real estate game and one of my goals in life is to build a real estate portfolio with rental properties along with flipping in the future.

To give you a quick background I'm 24 years old, I started my career this year, and I live at home. I have great credit and have cash for a down payment.

I am in the market for my first rental property. I found one that looks good and it is a HUD. They are asking $78,000 and it looks like it was transferred to HUD in march for $70,000. The property does need a little bit of work nothing major. I spoke to a realtor and based on some things she said I have some questions.

My questions are...
1. She mentioned many banks don't finance condos. Is this true?
2. She talked about me maybe having to do an FHA loan Vs. Conventional. Wasn't sure which route to take seeing that FHA loans you'll pay more.
3. When investing, what do most people do as far as a mortgage. Is it better to do a 30 year mortgage and have a lower monthly rate and use that cash and equity to buy more properties or is it better to do a 15 year mortgage to have a better interest rate and pay it off quickly before buying another property?

Thanks for everyone's help in advance!