This is unusual and the purchase price was well below the market price for property in similar condition (total gut).

The questions are fairly involved (were the buyer & seller connected by a business/personal relationship, were there unusual circumstances surrounding the sale, did the transaction involve anyone providing assistance to the seller/agent/other etc. 1.)

In areas like silicon valley it is not unusual at all for a company to arrange and pay for housing for key employees, sometimes it is even part of their compensation package.

I'm particularly interested in talking with others about real-estate development projects, sustainability, small, walkable middle range housing on unusual pieces of empty land.

Or are there too many areas where you are uncertain, like what is a repair versus an improvement, how to depreciate something, or how to handle an issue like auto expenses?.....

Plus, one months rent is never enough to cover costs after a tenant leaves (well, the places are often trashed).From the comments it seems like 1.5x rent is not unusual.

Can you generate unusual secondary rent from someone other than the existing tenant?

Our plan is to move into a new home I’m just uncertain on how all this works and I have been told by multiple people not to rent because it’s a loss.

This seems unusual.

It is not unusual to have doubts especially being your first investment.