Townhome/ Condo investing in Houston

[David June]

Hey BP friends! 

For about the past year, since finding BP I have committed myself to improving my personal financial situation and building a better financial foundation before jumping into real estate investing. I'm currently living with a roommate to save some money to pay down debt, but that situation is coming to an end sooner that expected, and I find myself either having to either find an apartment and continue renting or purchase a home sooner than planned. My debt to income will only allow me to purchase about $120,000 and in Houston that only goes so far. I need something habitable as I will be living in the property for a year before renting it out, and I need something reasonably close to work, so that leaves me looking at condos and townhomes. 

I'm curious to hear from investors experienced with renting townhomes/condos and what specifically I should be aware of and prepared for. I know not every community allows owners to rent the units out and I know many can hit you with big assessment fees for repairs, but other than I'm not familiar at all with these types of homes. Any advise, expertise, or words of warning are greatly appreciated.

Thanks in advanced.