That will give you stable income which is necessary for loan applications, and you will learn one of the hardest aspects of real estate investing: managing the rental.working as a property manager will teach you the real estate laws, policies and procedures, forms, what makes a good investment versus a bad one, etc you will also be surrounded by investment property and may have the opportunity to purchase those properties off market for a discount. 

The day I moved, I found no mirrors in any of the bathrooms, no rods or shelfs in the closets/bath, and one of the showers was not draining correctly, among other things.

Give him a big chunk down, stable monthly payments for the next 3-5 years, then a big balloon payment.

I have a stable W2 income so can afford to lose some $$ when I move out, but I also don't know if this is a good financial decision if my longer term goal is financial freedom.What factors should I consider when investing in a more expensive market? 

.- Appreciation has always been stable here and the prices of homes continue to go up! 

Let's hope things stay relatively stable for now.

If properties continue to stay at stable prices, as opposed to the rapid growth over the last 2 years, this can help FHA buyers stay competitive since mortgage self-sustainment numbers are coming to risk (the cost of the property vs the income generated from rents).

You'll need stable income for 1-2 years before qualifying for loans.

Use long-term financing (avoids a forced refinance).Adding value and then the market drops is much lower risk than purchasing a stable property, not adding value, and then the market drops.

It's stable and dependable for appreciation, but a tough place to find deals and properties that cash flow well from day 1 or are severely undervalued and only in need of a light reno.