What are the pros and cons based on your experience?

It makes sense to rent and save up that extra money to apply towards a future purchase. 

We rented a STR in Hawaii and ended up buying rat traps because "that area is know for rodents". 

I've enjoyed creating and tweaking our own analysis tool to help us analyze deals.I don't think we are interested in pursuing flips, but I'm curious to better understand the analysis side of this strategy to continue my learning.I've tried to do some research, but I keep coming up with some areas that I'm not following. 

The other option would be to do it early to enjoy—it's up to you!

This is becoming popular.In my view, if you are not using a real lending attorney to keep up and stay educated, you are doing yourself a disservice.

Looks like they’re based 4 hrs away from my property though. 

Check in with @Joseph Chiofalo he's Florida based and could be a good general resource.

Use the public records for your offer, and negotiate hard, I would add in the special provisions that offer price is based on $x/sq.ft if the house is smaller than the listed sq.ft the price will be adjusted based on the sq.ft. 

Possibly looking to partner up.