By doing so, you can make an informed decision about whether renting out your condo is the right choice for you.

There is no wrong choice.

But you may live in a market where there are few multi fams in neighborhoods you believe are investible, in which case you have little choice.

Many areas of Texas you have a choice of electric companies. 

As an Interior Designer/Project Manager who’s done Home staging I’ve  had to work with flip houses that lacked forethought and or quality execution for some realtors trying to market that basic “lipstick on a pig” approach and I wish their flip investors had called me from the planning phase…You may not need an Interior Designer to oversee every step of a renovation but what I’ve been asked to stage after poor choices in style, colors and materials it can be painful. 

They left it in a totally trashed condition but i did upgrades that i had deferred so the insurance deductible and drywall 15 sheets is about the extent of my loss plus the sheriff fee, bad choice of attorney, and paying for removal of their crap.

Just trying to learn and make educated choices.

So it would be the better of the choice compared to say FHA. 

., but a great choice to jump into the game!

However, I would wait until you have sufficient reserves to be on the safe side for unexpected expenses such as HVAC issues, pipe leaks, among other things.