Want to buy a loft in Downtown LA (Little Tokyo). I'm totally new and could use some advice!

[Ryan Tang]

So I am 26 years old and really have very little experience with real estate. That being said, I am at a conflicted crossroad where I'm trying to decide if I want to just move out of my parents' house and just rent, or try to buy something, live in it, and hope the investment works out in the end. 

Downtown LA is expected to grow rapidly as it has been, predicted 7-10% rise in value by next year. The market is red hot, things get picked up in a matter of weeks, so I really have no idea what inventory is left out there. 

I was looking in the $300,000 range, (I would put 20% down, 30k from me, 30k from my parents). I'm not sure how much inventory is left out there, DTLA is known to be in a condo drought, everything new that's being built are only for rent. This realtor I met by chance has been trying to persuade me to buy his unit below. 

http://www.zillow.com/homedetails/420-S-San-Pedro-...

HOA fees are $451 a month, Interest rate I can probably get around 4%.

Basically this is my dilemma: I expect to live here, maybe maximum 5 years. I can't see myself for 10. If I had to leave for any reason sooner, would it be easy to rent this property out? Would it be easy to sell short-term? I've heard of this 1% rule for rent (339,000=3,390) and this unit would definitely not rent for that much. Still, a renter could probably cover my mortgage+tax+HOA.

I'm sorry if this is kind of scattered, I guess my real problem is I'm not sure how safe of an investment this could end up being: Downtown LA is expected to rise in value, but will that particularly apply to a condo like this one? Naturally as a young guy, I have some fears about buying and being stuck in longterm commitment, I'd just like some reassurance to anyone familiar with the LA market that I'd have options and could reasonably hold this property as an asset either to live in or rent out. Also, if anyone has any tips or sources of information for a complete beginner to get into the world of being a property owner, finding renters, managing your property and money, etc. I would really appreciate!