First time investment; condo or house?

[Torey Chumbley]

Hi there BP community! 

I need some help deciding what type of property my first (and likely others) will be. I live in Northern Cal where the market for single and multi family homes is too high for any type of cash flow. I have been scouring the listings and working with an agent for a month and nothing even comes close to 1% without at least 125k down. So my question is this; Do I buy out of state using a TK provider/MLS, or focus on condos locally? I have run the numbers for both and they are pretty similar for price and cashflow. Each have their merits. Owning an actual house in the mid-west in very appealing, but I worry about long distance management and dealing with PMs. Owning a condo in my area gives me the peace of mind that I can drive by whenever I want. The down side is that I will need to manage it myself to make the numbers work, which I'm not crazy about. I'm stuck. Your suggestions and experience would be appreciated!

T