If you obtain letters of interest, you can exercise your option.

If the numbers are close than you are in the ball park.

Not sure in your area but 200K should be enough to get the ball rolling. 

Property management is not a joint exercise between you and them.

Or at least just getting all of your thoughts and numbers on paper (or in a spreadsheet) and mapped out over the time period you're talking about, I think would be a very helpful exercise for you.

There are some lenders that will do a DSCR loan with an option to purchase as long as they can't exercise the option for longer than one year.

It might be a good training exercise at least running the numbers on some of the properties on the list. 

Once comfortable with an investment, start investing (not the whole ball of wax), but 20% or so into an area and see if it is really fits the personality and desires.  

Beyond that, carrying - whether concealed or open - is mostly an exercise in machismo, since the vast majority of individuals that carry are men.

But its a good exercise to go through this and try to figure out how it would be more cost effective for first time home buyers.Also keep in mind when I started in RE  Seminars or weekend work shops were put on by brokers and agents teach ing these buyers how to buy their first home..