The biggest risks that I see that would be unique to investing out of state is not knowing the neighborhoods.

A ton of natural light from the unique front windows.

What is unique about our situation is once you can get your primary house paid off you are able to pocket the TAX FREE housing stipend we receive.

So try and find something a little unique that can give you an edge if you are starting. 

Also, since I see you are in California, know that both options are subject to the $800 minimum tax, but California is unique in that it has a 1.5% tax on S-corporations so it is not a completely pass through entity as it is in most states. 

After working wtih many CRMs and REI's throughout the country, what I have learned is that the most successful companies have a unique, efficient, and disciplined process.

And honestly im in a unique position where the little downtime i have is spent visiting my parents or girlfriend.

It has it's own unique feel.

I'm just not sure of my options and wanted to hear some feedback given its somewhat of a unique situation. 

I’m running into a unique situation with a prospective tenant:They want to rent a unit, but do not have all the upfront costs (broker fee, security, 1st month rent) to sign a lease agreement.