My local PHX market has gotten too expensive.

That’s one of the reasons people are buying expensive properties.

I live in Boston, MA market and it's too expensive.  

@Tom Reid Investor portals/centralized document control = Update Capital (reasonably prices, looks nice), IMS (very expensive but great if you can afford it)Document control = Still trying to find the best tool for this one.

If you do go, it's because you have a sick relative somewhere who needs to see you before they go on to glory -- the best kind of story for that is an expensive one, like a blind half-brother with a rare blood disease who is only free of constant pain in this one remote high-altitude institute in the Cascades...something so outlandish no one would make it up that at the same time implicitly explains why you need the rent checks to be on time.

@Irina Belkofer I was thinking the same, since my rent isn't that expensive.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

It will also cut off my biggest expense (rent) and also bring in rental income.

Be sure you will not be required to live in the property initially for one year.Also based on your information it looks to me your are being overly optimistic regarding your expenses. 

However, if they wanted to justify it, I'm sure the justification is that renters cause more problems than owners; renters tend to live then shorter periods of time and there are expenses when someone moves in/out such as extra trash pick-ups, programming them into an entry system, cleaning costs as the move in/out can be messy around the building, light damage to the building, scheduling of the freight elevator, cost of providing additional notices as now the tenant and owner need to receive copies, etc.