Have you price compared your rental with what’s in the market?

Cost will be minimal compared to falling for the systems where they want to keep upselling you. you dont even need to join local REIA, sleep with GC and ask question that's all LOL 

Compare the rates and monthly payments of the 2!

These offer lower upfront costs and less active management compared to some other strategies.Base your decisions with your learning curve, start with simpler approaches to gain experience and knowledge before venturing into more complex strategies.

Would a turn key residence be better for my first house hack compared to a simple renovation backed by a FHA 203K loan?

You can find out how to workout online too, but it’s absolutely nothing compared to having a well-qualified trainer with an exercise science degree (I know because I have one after failing on my own).

He said every building is going to have some problems with it, but I guess I keep comparing it my first home which I got really lucky with as it was new construction and I didn't even use a realtor to buy it.

You need decent credit and some skin in the game. (15%-20% down + pay for closing costs)Typically when investors call me i will go over the numbers with them right on the phone and verify the deal fits our box / give pricing, then I'll take the time to do some comparable sale research to verify if your estimated ARV is within reason. 

Rents are strong, and property values are relatively affordable compared to Silicon Valley.

To determine which choice is best for your scenario, compare terms, interest rates, and down payment requirements.Assessing Out-of-State Investing: Investigating out-of-state markets might give access to more reasonably priced properties, larger cash flow possibilities, and better diversity, even though local investing may offer familiarity and control.