NOOB fr Glendale, CA - Out-of-state investing while still renting

[Anneli Villarin]

Hi everyone! My name is Anneli and my husband and I just very recently started studying real estate investing.  Loving all the info within BiggerPockets - and hopefully, we can get some advice from all of you.

We live in Glendale, CA, right outside of Los Angeles.  Although my husband and I both make a pretty solid living, we're having a hard time finding value in buying a house in our area because prices are insane. Example: One of the real estate agents that I spoke with just sent me a property to look at: a 2bed/1bath, less than 1,000 sq ft property that's going for $749K! 

Additionally, we are sitting on a pretty sweet deal: we are renting our condo for $1,475 a month and our rent hasn't been increased by our landlord for 4 years because we've been great tenants. Our lease doesn't end until next year and we have the option to renew it again, probably with minimal increase ($50 per month, per our property manager).  One of our neighboring units (identical to ours) just got rented for $2,000 recently.  We could, in theory, stay in a condo we like in a neighborhood we like for below-market rent. 

We are, however, looking to start investing for cashflow and have looked into turnkey real estate investing out-of-state (buy and hold).  

What are your thoughts on us starting our real estate investment journey with turnkey out-of-state investing WHILE simultaneously continuing to rent in our high-cost area?

We appreciate your input in advance!