If you're a good student and can get into a good college without going very deep into debt, I believe you should go.

@Ricardo P. referred to that I believe. 

I am reading a bunch of real estate investing books , talking to realtors & loan officers, and trying to educate myself best I can.I'm also looking to expand my network within the real estate investing community, and I believe this is a great opportunity to connect.

We're willing to live almost anywhere in the greater Sacramento area based on what we can afford, provided of course that the property is in a decent neighborhood that has a good chance of attracting responsible tenants.As for budget, I believe we could get a conventional loan for properties up to $600k, but my strong preference is to find a distressed property (or seller!)

However, I believe that this would be my most viable option for securing lending.

From there, I would like to consider a 1031 exchange in the future to acquire more units.My current property management company suggested that they could handle a mid sized apartment building but I would absolutely not consider them for it as I believe they have overextended themselves and communication is lacking.

Private mortgage insurance i believe is not charged on va loans.  

But some believe condos are riskier due to potential mismanagement of the community by the HOA.As an out of state buyer seeking a low risk/maintenance LTR, are there any glaring downsides to buying and renting out a condo? 

I believe the housing shortage is a farce - there is no housing shortage - there is an affordability issue and an inventory issue - but there is plenty of housing.

I believe the competitors are more expensive with unnecessary features.