first time investor is this a good idea?

Rentals can be a great source of monthly cash flow. However, they are not without their unique quirks. Without knowing your specific situation it’s difficult to give any type of sound advice. So I will generalize my response and you can take it for what it’s worth.
In my opinion it’s always best to build up some investment capital before entering into any type of long term situation. If you are strapped for funds, a rental though it can be a great for putting some money in your account on a monthly basis, it also can be expense when you have maintenance, replacing an appliance etc. I would suggest to get a couple of deals under your belt that allow you to build up your investment capital, and then merge into the rental market.
However, if you are determined to start with this strategy, make sure you have done all of your homework and that your bases are covered. It’s best to go in with your eyes open, than to be blind sided by some unaccounted for situation.
Good luck in whatever route you choose.

It really depends on the cash flow generated from the income property vs. the cost of funds. If you can buy it with hard money financing and have a positive cash flow, more power to you; go for it. Once you have some seasoning, you will be able to refinance it at a better rate and increase your ROI.

As Coach said above, it depends on the situation. Hard Money is usually expensive and intended as a very short term loan. For this reason, it's a good idea to know beforehand that you would qualify for a loan to pay off the hard money lender. A turnkey rental is probably going to be priced at retail (or pretty close to it). Most (if not all) lenders want to have equity in a property just in case they need to foreclose so they can get their money back.