Good news is since you reside in CA you can buy it as a Vacation Home/Second Home and put less down, still rent it out or refinance it down the road on a cost efficient and growing coastal market.Indiana and Ohio are also states that are on popping up as top states for investment property purchases and solid rents.

If buy a rental property that I never live in before I buy my first home that is my primary residence, would I still be able to take advantage of first-time home buyer financing advantages when it comes time for me to buy my first primary residence?

I don't see how AI helps with any of that.my first purchase was a former primary residence that i kept and rented out. 

@Felicia Richardson - Have they specifically asked to see the account statements for where your SD funds reside?

Investment Info:Single-family residence fix & flip investment.

If an owner of a rental property does not reside locally (within 50 miles of the rental property), then they are required to have a local contact or property management company on file on both of their BTR and TDT accounts.

It gives you flexibility on exit, there is a 250k(500k if married) tax exclusion for gains on your primary residence making selling an option.

Whether or not they can collect on the judgement is a function of the debtors financial strength, state of residence, what form their assets take, asset “protection” strategies, how far the plaintiff is willing to go and how much they’re willing to spend, etc.  

Quote from @Jordan Ray: Investment Info:Single-family residence buy & hold investment in Memphis.

FHA financingo You mentioned your adult son is investing alongside of you, if he doe not already have a residence you can leverage this by purchasing a small multifamily unit 2-4 units with as little as 3.5% down!