Townhomes do not need to be FHA approved like Condo's and generally have less restrictions.Buying out of town is also not an issue especially with it being a better reason to take advantage of a second home loan which would only be 10% down. 

Take advantage of networking while sharing your story with all of us.

Maybe I'll change my mind, but I get the same tax advantage either way.

I would examine those markets to see if the deals would work with what you want to spend because then you have boots on the ground and/or a competitive advantage in that area instead of choosing a town you don't know and building a whole time that are only verified online.

No offense, but you're ripe pickings for getting taken advantage of because you know absolutely nothing about buying real estate.

This is a great place to learn and to meet people so take advantage of all the great resources.Read Beginner’s Guide to help you get started: http://www.biggerpockets.com/real-estate-investingLots of luck.

In fact, you are probably better served not to be licensed so that you do not have an implied duty to not use your status as a licensee to take advantage of the seller or the general public by buying their property for less than it's FMV without disclosing what it's FMV really is.

In terms of advantages and disadvantages I HIGHLY recommend listing it as three listings. 

What advantages do they offer.

They will be able to guide you on setting up a LLC and setting up future tax advantages.