We're very involved in Chicago.  

I don't have tons of money for investing so I've been researching ways to get started that involve the least amount of capital.  

My mother had a health crisis and I became involved in making decisions on her investment as a result.

Here are my thoughts:-can't be too close to the ocean, sea level is rising rapidly-Ideally it'd be nearby (I live in Virginia) so somewhere on the east coast that I could drive back and forth to-Once I graduate, I was going to move to TX or NV and get involved in real estate there.

This is something you should address with your lender asap as this issue causes many HUD deals involving loans to fall apart

This lets us compare what we are doing to how she does things, but still keeps us involved.  

There are a number of us BP members pretty close to you that get together monthly to discuss a number of things involved in REI.

If flying over is not an option for you,, I think you have no choice but to wait the 6 months out and get yourself ready with all the peripherals - solidify your plan of action and market,  reach out to potential partners and suppliers, research financing options, insurance, management etc etc- so when you do finally get there- you can hit the ground running.The other option that I am now  getting more involved in slowly - is online  crowdfunding - A lot less hands on- but far more doable long distance.All the best

I am looking into purchasing my first long-term, buy and hold rental property (my dad currently owns 3 units but this is the first I will be involved in).  

Hopefully, someone well versed in the Tax Code specifics will get involved.