Partnering with an experienced local agent will be key—they can guide you through the market and help identify the best opportunities.

I hope this helps!

So many "investors" bury themselves in complex, expensive situations to protect themselves from some unknown threat to their non-existent business.Figure out if you have any shooting skills (or even enjoy the game) before spending money on $600 Nikes or an indoor basketball court. 

Start with BiggerPockets Ultimate Beginners Guide (free).

Whether you’re just starting out or you’re a seasoned investor, BiggerPockets has a ton of resources to help you along the way.

If you have not already purchased this policy, I would look for a policy that provided a stated amount deductible for wind/hail vs. a % deductible.

Or is this normal?

I'll check them out.

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? 

One of the best places to see what's out there in your area is to check Airbnb AND Pricelabs.