We’re likely closing in on 19 straight months where wage growth has topped new lease rent growth – which means rent-to-income ratios are retreating again (Parsons).”

I'm an software engineer on W2 and she started as real estate agent about 2yrs ago.

@Angelica Walker sounds like you have a good contact above already but would certainly recommend connecting to some real estate groups close to you. 

is really good, but make sure you consult with an investor friendly agent, and you could make the better decision with more clarity. shervinrealtor.com

With $40,000 in cash reserved for contingencies and closing costs, a 20% down payment would be just out of reach for me.

Since you’re an agent you should be able to identify.  

I would be interested to hear more about the area since I, like @Julianne Kauffman, am relatively close but know little about the city.

This could be risky for them if you already transferred money out of your account or closed it.

While this isn't common, I have know people that bought their first rental and when tenant moved out, had caused close to $20k in damages and skipped town after one year of living in place.  

It's close to a month now.