I live in Southern Africa and I am very new to this whole real estate journey and i hope to learn a lot from you all as we embark on our real estate adventures.

First, talk with a tax preparer who understands the capital gains rules and ways to avoid them.I'd ask about Adding you to title now while he is living. 

In addition you'll need to be able to keep up with the ever changing local laws and regulations which is doable from out of state, but will require proactive effort.To find a good reliable PMC I would start by finding 3-4 that are (1) members of NARPM and (2) licensed by the state Real Estate Commission (not required in all states, but always a plus).

Are you planning on living in it?

I currently live with my wife and 3 children, so I'm not sure this would be a good option for me.

I’m considering getting a 4 bedroom for 130,000 but want to make sure I can live in it and rent it out.

I previously lived in Katy, TX from 2018 to 2020 and observed significant growth in the suburbs.

- Are there areas that would work well as a mid-term or short-term rental in addition to long-term?

No additional costs in projections. 

@Chris Seveney I am by no means a prophet - just a guy who puts his pants and socks on the same way as everyone else and trying to make a living.