First purchase advice?

[K.C. Marsh]

Hello, everybody. I am a beginner as many of us are on BP and I am interested in making my first purchase next year. I was curious to get peoples thoughts on my current idea. For the last couple of years I've been renting a 3 bedroom house with 2 others and it's time to break the cycle. Although it's been a while since the owner has mentioned it, he said that he may be willing to sell in the future. If this is a possibility, it would certainly be the most convenient way to start out, especially since I have a lot of stuff, lol. My current roommates would remain and they wouldn't notice any change. 

Living there for the time that I have, I know that there aren't any major problems and he's updated several aspects of it as well. I'm not looking to make a fortune off of it, as long as I get it below market value. It would be a great way to gain some equity and save for a second house. That being said, what would you all do in my position? How close to market value would be worth it since I'm mainly interested in cash flow? I know without numbers it's rather difficult to say, but I'm just looking for ideas. Are there any major risks that I haven't though of? I'm trying to do a bit of homework before I sit down with them.

I appreciate everyone's time and I'm glad to be part of this group. Hopefully, I join the status of investor in the near future. Cheers.