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.

[Joaquin R.]

That being said, what would you all do in my position? Definitely would want to purchase it if the numbers worked out. I am not sure how the whole roomie situation would work out. 

How close to market value would be worth it since I'm mainly interested in cash flow? If you can give market value and still be profitable why not market value. Are you coming in with cash or?? How did you plan on financing the deal? Do you plan on paying rent? Are you going to keep the asset's financials separate from your own, treating your business as a business?

Are there any major risks that I haven't though of? I am sure there are plenty. 

Again are you planning on living there while renting out to your roomies?