Purchase price: $690,000 Cash invested: $172,500 Took a gamble on a larger single family home in an up and coming master planned community.

@Summer Shelton yes, FHA loans do allow this but make sure you speak with your lender about some of the trip ups from these loans.  

Quote from @Brendan M Hornung: I reside in Southern California and started my investment journey in March of last year by purchasing a sub-to single-family home in AL.

My first loans were at 9% .. 

Rarely is the pursuit worthwhile unless there's insurance money available or assets that can be converted to cash.  

It’s a 3 bedroom home, brand new build and just shy of 1500 sq ft.

How do you pay for the tax and insurance?

Also, would a home warranty be a smart move?

I toured the property when they were home and they asked me how the living situation was gonna work, which I explained that my loan said that I had to live on the property for a year, and the tenant next door was on a year lease & he was month to month... so he was going to have to leave.

Do the math at a 6% loan rate.There's a reason many apartment buildings have been converted to condos and sold.