First Ivestment Property..Maybe??!

[Dylan Myers]

Hello all! I have been lurking these pages for quite a while now and taking in all the great advice and insight so many experienced people have to offer, and decided it was time to ask for some advice on my situation.

It looks like in the near future I will have the opportunity to buy a home from my mom at a pretty steep "family" discount at $35K if I want it. The house is probably worth around $70K, but does need work to reach that potential. She has the place rented out right now for $750mo, but could bring closer to $900 if she wanted to. It's located in a small town in Texas 30min from the coast with a very scarce inventory of rent homes for residents.

I guess my questions are: Should this be a buy/hold/rent property? Or a flip on account of not needing much work and possibly getting $20k out of it? I also lack quite a bit in the funding department, so any financing advice would be appreciated as well.

Sorry if I rambled, just a little nervous about the whole situation and wanting very badly to get started in real estate investing. I can put up with my 9 to 5 for a while (or 6:30 to 5) but I know I don't want to be stuck in the rat race forever. Any feedback or advice would be greatly appreciated. Yal have a good day. 

[Carson Sweezy]

Hey Dylan, 

I'm new myself but here's what I would do. Rent it out if you can produce cash flow. Use it as a learning device, teaching you how to manage tenants. Find a quality contractor, and use it for experience in managing a contractor. You're getting a property at a reduced rate so make your mistakes now. 

-Carson

P.S. The forum is so vast, it probably got lost in the unanswered pile. I suggest adding a photo, people are more willing to respond to a face than a gray blob.