At the time I was looking for the Best property I could afford.

Also, if prices are pushed downward by a rise in rates, affordability is not affected too much in the long run.Supply might also go up, but when every house that's listed is getting 10 offers, you could triple supply and still not satisfy all the demand, and I don't see that happening any time soon.All of which is to say, I wouldn't wait around for a crash any time soon, and if there is one, you may have other problems to worry about. 

I just started reading David Greene's book Long Distance Real Estate Investing, I'm about halfway through but it definitely takes some of the fear away from investing out of state.I haven't gotten my first property yet but I have been looking in the Memphis area as the housing prices are more affordable and the rent to price ratios are good.

Things are moving quickly and finding affordable inventory is a bit tough right now but making connections is a big start to get up and running!

Currently shooting for around the 500k mark as that’s affordable and lands me close to downtown for my preferred lifestyle, if it’s my own condo that I buy first.What would you recommend, buy your own home first or buy a rental (an investment property?)

What if they insist on staying but then can't afford it and get behind?

Raise it slowly, if they complain offer to help them find a more affordable place and find new Tennent's you can vet and know will be able to pay 1500 a month.

My goal is for these homes to be affordable and about 600 square feet.

Add in the risk that Airbnb is the scapegoat for lack of affordable housing, and your business constantly remains in political crosshairs.Then, add in your time.  

She asked if we would be willing to let her AirBnB the apartment while she is away so she could afford to remain our tenant.