Welcome @Robb Chamberlain,It's good to see more locals getting involved in real estate investing.

ROFL  It might really bother people who like HOAs but that rule would not keep me from opening a sober living home or possibly even a halfway house in that HOA development.I often roll my eyes at HOA rules.  

Something to consider and keep my eye on when I do my own unit inspections.Before the a/c died completely, I needed to make numerous repairs to that HVAC in the first 18 months I owned the house. 

Turnkey can be a very good way to get started for an investor with little time to be more involved. 

Yes, there plenty of risks, bur before you even look at the risk involved, you will need to see if your house is zoned for a business such as a day care.This could be a problem in of itself...Chris

If you have family here they can also keep an eye on your investments.That said,  50K does not buy much unless your are going to do your own repairs.   100k range is better home and location. 

While I've been involved in multifamily buildings in the past, I'm new to the commercial office/retail space, but am currently looking to purchase a smaller 5-unit property in town.While it's currently fully occupied, I'm always thinking ahead.

Oh, and bleed my ears and eyes out through podcasts and the site for knowledge!

What matters is the present to me, people make mistakes. so go get a job as a laborer, show up in person and look the foreman in the eye.

I get pretty involved myself as I know no one is going to care as much about my properties as I do.