Meanwhile, the more partnership-heavy investors often experience setbacks but use the leverage of partnerships to rebound.To me, partnerships increase both risk and reward.

Quote from @Wale Lawal: @Paige GardnerYes, this strategy is possible, but it comes with risks that you need to manage carefully.

He has a few potential buyers going out to see it soon so I'm hoping someone he can find a buyer for it. 

I'd focus on deciding what you want to do (flip-high risk, but potentially high return...or large loss; short term rental-more work, but higher return than long term rental; long term rental-less work than the other two, but lower return).Once you've decided which you want to do, then focus on getting the best house to meet your goal. 

To me anyone promoting a 36% return I would question and want to understand the risk.

I’ve recently paid off some debt and am earning a decent income, but my savings are still modest and not yet substantial.My plan is to use an FHA loan to acquire a decent property, claim it as my primary residence for a year, and then either sell it for a profit or potentially rent it out.

Here is the BEST way to develop an understanding of the risks and rewards of redeveloping your propertyBEST - Hire a CRE - Counselor of Real Estate to do a complete market analysis.  

In Collin County, consider properties with strong appreciation potential in areas like Plano or Frisco.

@Quan Pham have you investigated at all the potential increases in property taxes and home insurance (need to have landlord policy) and included them in your cashflow calcluations?

.✅ Lower Vacancy Risk – Losing one tenant doesn’t mean losing all your cash flow.✅ More Affordable for Renters – Competitive pricing attracts a steady stream of demand.✅ Built-In Community = Lower Turnover – Tenants stay longer when they feel connected.✅ Allows You to House Hack a Single-Family Home – No need to compete for pricey duplexes and triplexes!