I’d consider either a smaller down payment or looking at the Maryland side or a gentrifying dc neighborhood, Nova tends to be the most expensive part of our region especially Arlington and Alexandra. 

Then find a better rental 30 min further south from NOVA/DC.I haven't paid off any 30 year low fixed rate mortgages.

While Baltimore is a short drive from NOVA, it is a completely different world.  

I am a newbie and lurking on forums to get some insights and tips on real estate esp in NOVA.

Yes, most who live in Harper's Ferry commute to work on WV, NOVA and Maryland, mainly Loudoun County VA.

Which areas would you invest in the Nova area if you have max 500 K.

In general I'm willing to be $300 or so underwater vs the mortgage because I do expect rents to go up, once its becomes 500,600,700 I realize its probably a better idea to rent and try again next year (Again it's not normal for it to be so much cheaper to rent vs buy even in Nova/DC, and I expect through a combo of rents going up and prices going down that will return to historical norms) Now whether you'd rather buy farther out of rent closer in really is a personal choice. 

I was born and raised in the NOVA area and am very familiar and have multiple contacts to help me if I became a long distance owner.I feel that my strategy is inline with yours, to buy and hold.How did you get started?

Hey I'm Jonathan!
I'm Northern Virginia resident looking to obtain financial freedom through real estate investing. I have been fascinated by real estate since I was a kid and am finally going to stop thinking about i...

Since you are not in NOVA, you are less likely to worry about such ordinances.