Interesting Starting Situation

[Lyndsey Schroder]

Hi everyone, 

I am very new to the community. I actually just joined today after listening to an audiobook called Rental Property Investing by Brandon Turner. I have only read through about 3 chapters of this book, meaning I still know next to nothing about rental properties. However, I may be in a unique situation. I would really love the opinions of everyone willing to give an opinion on my current situation. 

Here it is: I just graduated from college last spring with a bachelors in science (not business related) and I have about $16,000 dollars in student debt. My car also pooped out, so I leased a new car. The loan has about $17,000 left. I also have next to no savings because I have been aggressively trying to pay off my loans. I guess the good part about starting to pay back all my loans is my credit score actually just broke into the 'Very Good' category. I currently work full time with an average salary for a new college grad. About a month ago, my uncle offered to sell me a property he rents out, of which I am a current renter. It is half of a small building which holds two apartments: one small studio downstairs and one larger loft studio upstairs (I live in the smaller studio). When I googled it, the property is worth about $230,000. However, my uncle told me he would be willing to sell it to me for $120,000. My dad tells me to find a way to do it now, but my mom told me to wait until I have 20% (which would take me years to save). I was hoping you all could help me navigate these two extremely different pieces of advice.

My short term goal is to be able to make enough off of rental properties to have a passive salary while I earn my Ph.D. If you were in my position, what would you do? If I have not provided enough information for you all to give me good feedback, please let me know. 

Thank you to everyone who participates! Any piece of information you can give me will be helpful!