Hey Devan,
I think I need to answer these in reverse order. Firstly, anxiety is normal. You are investing you're family money not just yours, so the stakes are higher. But so is the reward. My goal has always been financial independence for myself, my wife, and my children.
3rd Thought - This being your first property, I don't think I would recommend out of state. Maybe if you have family, friends, or other business partners in the area. It was great for me to be able to fix anything necessary on the first RE property I bought. Things broke less and when they did, they cost less to fix. Additionally, I would absolutely plan on walking the property before your. Being new to investing has a lot to do with risk management and I think being new to the game is risky enough!
1/2nd Thought: It sounds you would be in a bad way if you are just 'hoping' for appreciation. Investing in hope is a very bad strategy.
It sounds like you're in the perfect spot for self educating. Like @Nathan A. said, you are saving a lot of cash each month. That is great! There are plenty of books out there that give great information, binge listen to podcasts, find investors here who invest in the area and network with them. Buying a rental isn't the only way to make money in REI. Education is key to being successful, and In your position this is what I would be doing. Not to mention it won't be long until you have a sizeable war chest ready to deploy when you're more confident. Just don't get carried away by buying a car when you see larger numbers in your savings account, stay focused. :)
