Should I Buy Or Should I Go

[Tom Dwyer]

I have been living in a rental SFH since 2008. It has been my intention to live here only until my kids went to college which the last one will be leaving to attend college this fall. The homeowner has been considering putting the home back on the market but has not pulled the trigger yet. I have toyed with the idea of possibly now purchasing the home - not for me to live in but as either a rental property or as a buy and hold. Since I have lived here for the last 8 years I have a good idea what is wrong and what needs to be addressed in either scenario.

My limited experience has me thinking I could invest the few hundred dollars to determine the exact issues with the home to use as leverage in an offer.  For number sakes let's assume the home could be listed at $220K as is.  I believe there is about $10-$20K of work needed (primarily the HVAC). 

As an absolute beginner - what is the best way to evaluate if the property is better suited for either a rental or buy and hold?

Thanks

Tom