Based on your age( your picture :)), right now, you can just get an SMLLC and transfer rentals into them if you are concerned about the liability.

I read about it a bit more on the freddiemac site and it mentions that I can't have an ownership interest in any other residential property.

She did however buy her first house in Maplewood at the ripe old age of 29. ( ---- takes off bragging suit ---- )I can't invest too much in my area.

They are just renting the space, what they do with it is not mentioned nor implied in the lease. 

You didn't mention what the rental prices would be nor any of your monthly costs such as insurance and taxes.

@Russell Brazil  I agree with Russ totally depends on what kind of real estate.. keep in mind that when you ask this on BP 90% of those on this site will gravitate to the only real estate is rental either sfr or small plexs or MF.. there are many many other types of real estate .take for instance in my mind one of the safest and most passive is investing in land in the path of progress.. pay cash and hold it.. nothing to it.. over time if you buy right or you buy a timber tract with middle age marketable timber species like Doug Fir or white pine  west  East  … these are very solid long term safe investments that you just make and sit and wait.some of the biggest money made in real estate though is land in the path of progress.. this keeps you immune from the ups and downs and risks of tenants.. 

As I mentioned initially a lot of people on BP are anti-condo, so it simply means you'll have fewer fellow investors competing with you.HOAs can be a pain in the neck, and condo associations are more invasive.

The only problems you have in the areas you mentioned are the same problems everywhere.

I hear a lot of people talking about advantages of self-directed IRAs and understand the tax advantages are huge--not to mention essentially having a higher return without taking a higher risk.

As @J Scott mentioned you dont seem to know what to do let alone start.