It all really depends on your appetite for risk.

You missed an important item: Depending on how a person does #1 or #2, it could get them: A fast-pass to the "Principles Office" for "bullying" and now there sitting in "detention".... 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

After that, it may depend more on the workload of the inspector.

The main downside is being dependent on the HOA—issues like poor management, rising fees, or unexpected assessments can hurt your investment.

Depending on comfort and cash, it might be a viable option as you can build equity and then sell without having capital gains, assuming it's your primary residence and you've lived there for 2 years.

I have also have saved almost $50K so far to take a start in this game and also my personal credit score is above 750.I'd like someone to guide me purchasing my first property and want to kickstart with a small property first.

All in all it depends on the mindset of the investor and dozens of other things smart people consider.

This information can be overwhelming, but I recommend looking for the following items:Credit Score: Depending on your criteria, you may establish a minimum credit score for your tenants.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?