Buying a Condo as First Investment?

[Blake Reitnauer]

I am starting with around 100k and I am wanting to start in student rentals to lessen the worry of vacancy. My primary issue is that the price tag for off-campus student rentals gets around 200k-400k very quickly. My options for being in student rental territory have been reduced to buying an individual condo, and I am seeking some knowledge to test the viability of this idea.  My questions are:

1: Is the rental process any different than a free standing home? I'm mainly wondering if I can freely rent it out and set prices on my own, or if I have to pass through any red tape with the property managers. 

2: Are there any common extra expenses? (other than associated HOA fees)

3: If there is anyone who owns individual condos, is there a difference in the marketing to get tenants in the door? (opposed to free standing homes)

My local market is - Lexington, KY

Thank you for your help in advance!