New To RealEstate..First Question

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Hey, 

I have been trying to find an investment property for a while. Made a 14k offer on a 20k HUD home a few weeks ago (this home was in good condition just needed appliances in the kitchen and could have been rented easily for $450 a month), but they never got back to me and now the property is under contract with someone else. I have 22k in my savings account and zero debt. I am a full time student and only make $1,500 a month.

My first question is, should I wait and find another property that I can buy outright for around 15-20K? Or should I get a loan? There is a property I am looking at that is listed for 29k and in the description it says it rents for $450 a month.  Would this be a good investment?  How would I go about getting a loan for said property?

Thanks in advance for any advice..