As far as whether to rent or buy, it depends on your personal situation, though as it's a new area it may be a good idea to rent for the first year while you decide where you'd eventually like to purchase.

This is really dependent on the stage of your investment life.At your age starting out I would be heavier into cash and 401k.  

Depending on the location, the home could benefit from appreciation in value and/or experience rent growth.

Like Ken said, really depends on what you're planning on doing with the property.

It all depends on what your goals are. 

Not all houses make good rentals and depending on how well the people who bought them ran the numbers, will determine how well they cash flowed (and some areas that is not possible at all).

Typical rates are 8-12% of income either monthly or yearly depending on manager.

We don't discriminate against the source of income - it's illegal but we can choose to work with these tenants or not.There is extra inspection every year, there are other inconveniences.If it's a protected class in their city or county - you can't mention in your add but you can set up your criteria, for example, amount if income.I have 3-4 rents income requirement depending on the credit.

The cost is likely dependent on the level of customization and depth needed. 

Private Lending Attorney Here-First it depends if the person lending the money will be doing this on an ongoing basis - if so he may want to have a separate entity created for that business.As far as documenting the loan - I would recommend speaking with an attorney who regularly handles these transactions.