Quote from @Michael Smythe: @Felicia Jenkins the shorter the term of the lease and the more tenants there are, the more challenges you'll face - especially if you plan to manage remotely.Who will be your boots on the ground, do showings, maintenance, etc.?

I'm planning to turn it into a rental and was wondering if I should consider hiring a property manager for my first rental.

I know I can get an insurance plan, but is it worth the headache?

If your doing an FHA and plan to stay in one side you have to figure out what that would benefit you.

For example, if you're planning a kitchen remodel, get multiple quotes to ensure you have a solid grasp of what it will actually cost.3.

So - somewhere 2 hours away, or somewhere you like to vacation in, or where all your family lives, or where you plan to move someday.Too many people are trying to do exactly what you're doing - pick a market based on a formula - and they end up buying a random 'cheap' property thousands of miles away, turn it over to people they've never met or even spoken to, and then... lose money.  

For me to build I would want to see recent comps of sales for the finished project you are planning. 

Make sure they know you plan to publicly point out to the local newspapers, Mayor's Office, and anyone who will be campaigning against them, just how stupid and lazy they are. 

I am getting started in real estate investing soon, and I want to plan for the best course of action.

I would buy a deal that at least minimally cashflows (they exist) and then plan to refi in the 18-36 month window.