For that amount, you might as well have purchased an extra smaller house.

Purchase price: $185,000 Cash invested: $5,000 Sale price: $220,000 Occupied by my in-laws.

FHA loans require living in the home as your primary residence for 1 year after purchase.

They also didn't get hit with capital gains on the entire purchase price, which enables them to keep more of their money. 

Quote from @Michael Smythe: @Jerry NoguerasRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

You purchased the home as your primary.

I was wondering if anyone knew how I can connect with or market to investors who specifically purchase land/ lots? 

It seems to me though your short term objective is to get the HOA to take immediate action on the roof.

I recently came across a website called RentToRetirement.com, which helps buyers purchase turnkey investment properties out of state.I was wondering if anyone here has used this site to buy a property.

Purchase price: $161,000 Renovating now What made you interested in investing in this type of deal?