My offer was accepted!

[Hector Serna]

Hey guys, so if you guys go to my previous post, you’ll see that I was debating on whether or not taking on a 180k short sale, 1959 build, single family 3Bed 1bath, 1.9k mortgage as my first long term investment. The home needs approx 15k-20k in repairs. After all repairs are done, I’ll be able to rent it out at 1.9k-2.1k. Well my offer at 180k was accepted! 
Now hear out my plan. I’m currently making 80k+ gross income, I live with my parents who dont charge me rent (Nor want me to move out), and I have zero debt. Only bills I have are my parents electricity bill and phone bill (and always help pay for bigger projects around the house for example a boiler & sump pump we just installed). I was thinking of renting out the home and in addition to send $800-$900 to the principle in order to bring down the loan until I’m able to refinance at a better interest rate and get legit cash flow going.

What do you guys think of this approach?

[Hector Serna]

Quote from @Travis Timmons:

@Hector Serna 

If it is a short sale and you are only putting 5% down, that's an owner occupant loan, chief. I'd suggest making a call or two to make sure that everything with your plan is kosher and approved.

Gotcha. If that’s the case then I’ll just put 20% down and the mortgage will be 1.5k.