Decision making process different for primary vs investment?

[Ron Todd]

Hi BP,

I found a REO property that I can get a little under market value, but not the great price I was hoping for. I want to make this my primary home that I grow old in. My question is, should I treat this decision differently than I would an investment property? I won't have much equity intially. It would be unlikely to rent for a profit, but there is plenty of opportunity to update the house and add value that way. Again, I plan to live here forever so my initial thoughts are that it's not that big a deal to have little equity or ability to rent later. I'd love some feedback (to include don't let emotions drive your decision)!