If you haven’t already, I’d scope out the municipalities around town.. from what I read in The Economist, the Phoenix metropo area continues to rank high for job growth, which usually bodes well for new builds.

The quality of your tenant is just as important as the investment you make.  

If pool in ground is not an option or not in your budget, a quality above ground one could be a good route to go.I would definitely make sure you have an appropriate coverage.

IT's the worst place in the world to be a landlord and very high risk.

Hey Andrew, welcome to the Forums.That’s awesome you’ve been learning about real estate since high school—starting early will really pay off.

I currently work remotely as a Manufacturing and Quality Manager for an AI infrastructure company based out of the Bay Area. 

So sad...... what is scary too is they only have them 10-20% contained and they are expected to get high winds again which can carry those embers pretty far. you also have to think these fire fighters etc. have been working around the clock and must be exhausted.

I also doubt very seriously that any brokerage/custodian is going to allow this kind of loan with 401k assets; it's likely going to need to be a 401k general purpose loan, which is highly regulated (as someone else mentioned). 

G'Day Alejandro,As a few have already mentioned, take a peak at Toledo also.In my opinion lower potential for long term appreciation but solid/"boring" cashflow.I prefer my portfolio to be "boring" but cashflowing lolLow entry points (Sub $100,000), high rents (Above the 1% rule).Blue collar working class decent folks that will stay and pay.Depending on the area but no derelict homes, yards well kept, cars with wheels and all tenants are employed.Plus, all are sophisticated enough to pay rent online so property management doesn't have to collect rents with bullet proof vests and shot guns lolI'm bias toward Toledo but it's worth considering.Wishing you much success

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.