Is a Rental Property a good first time real estate investment

[Andre Walker]

I am new yo real estate investing and am thinking about buying a rental property as my first investment... the property is in Albany NY in a college town (1-2 miles from SUNY Albany, I used to live around the corner from the property when I went to school so I know it’s a great location in a developing neighborhood) most likely renting to college students. Do you think this is a good first time investment?

The owner is looking to retire and just get rid of the property so he and his wife can enjoy travel and enjoy their retirement.

Ask price: 90k (trying to get him to 60-70k)

Current market value on Property Shark: 87k (similar homes fully renovated in area have sold for 200k)

Current tenants paying 650 and another is paying 730/month

Property tax 2019: ~2k

I am think about using an FHA loan to purchase the property, what pros and cons for the seller if I do? What are the pros and cons for me if I do? Or should I just try to buy the property and flip it? What are good creative financing strategies do you recommend if I buy and flip?