I agree with @Murali Jesudoss, I had pulled back from investing when things got super crazy in the last year or so, but I believe things are stabilizing and deals will start to become more attractive. 

A trusted real estate agent and a lender can guide you through the process, explain the help that’s out there, and connect you with resources to make buying a home a reality.Bottom LineIf you’re ready to stop wondering if buying a home is possible and start exploring solutions, connect with an expert agent and trusted lender.

I know that you do a great job smoothing out any "rough spots" in the lending process, so that certainly helps when the deal starts to go sideways... 

.- You mentioned this sale is tax free 121 exclusion, which is great, and seems like a solid start to your goal.- The townhouse you're moving into is currently a rental, but you plan to live there two years for the 121 exclusion.

Get a police report to start.  

As with most PUDs, the developer handed things over to a management company who immediately started a $400/month assessment once the final unit in the development was sold. 

When does the cash flow start? 

As a newbie , I would start shopping for a property manager who can list and manage the rental.

Start connecting with local investors or attend meetups. it’s one of the best ways to learn and get insight.

You are off to a good start being on Bigger Pockets.