I have entertained the thought of renting a house or condo year round that I could possibly sublet if I wanted with the thought that that would still end up being cheaper than purchasing a condo and would allow us to travel light and have a place to escape 2 at a moment's notice.

Motion sensor lights, and a hidden 'trail cam' can do wonders in catching the prey. 

The area where there is growth is standard buyers picking up light fixers on the MLS as they are confident in market conditions, prices are high and its a way to get a house at a small discount (too much for an investor to pay).So, the fastest way to build capital in Southern California is to be a listing agent.

Ok, saying "sun" in the winter is an exaggeration, in Seattle it is "grey overcast light".

Not sure what your payback will be if you rehab, but if tenants come and go, I bet they will be content with clean, functional and fresh paint in a light color.

Plus, the homes near me are very expensive, I don't plan on doing live-in/rent-out.I spoke with a family friend, who has worked as a lawyer on real estate deals, and she mentioned that I'll be 'missing out on first-time home-buyer' perks if my first purchase is a rental.Could someone shed some light on what these perks might be?

He provides the following:4 studio apartments @ $1,000 per month4 one-bedroom apartments @ $1,250 per month4 two-bedroom apartments @ $1,500 per month4 two-bedroom apartments @ $1,800 per monthProperty taxes, $40,000 per yearInsurance, $15,000 per yearWater and sewer, $12,500 per yearElectricity for common area lighting, $2,800 per year"You confirm the rents by examining the leases and you verify independently that the expenses are accurate as quoted."

While there it also came to light that the tenant has many family members visit for months.What would you do in this situation?

There is serious talk of creating a light rail line to connect Gloucester County to Philly.  

Moving a kitchen, depending on the kitchen, permits, wiring, plumbing, walls, flooring, counters, cabinets, pulls & knobs, lights etc could easily be $20k to $40K or more.