With my current savings, is this property a reasonable first investment?

The northside of Okaloosa Island, starting from Bluefish and going west, does not allow for STRs per the current ordinance.

Now the 1st lien holder the mortgage that was never paid off, they has issued a lis pendent and starting the foreclosure.  

So, you could be stuck with that money tied up for the length of the wrap.If the Subject To teacher you learned that from told you this was a good idea, go get your money back.BobNot trying to start an argument here - just detailing my experience here.I agree with much of what you say. 

The hope is that while you live in the house hack, rent from the other units (or rooms) is saving you money every month and you can use that savings for the next one.

Note, I have 12-doors there and I help investors get started in Detroit so I'm biased.

You can not bill back more than you are charged, so you need to be careful.It does save on consumption, because they become aware that they are on the hook for paying.

So if $2,000 owed and rent was $2,500 and the owners wanted it paid by in 4 months, starting 9.1 they'd pay $3,000 for months of Sept, Oct, Nov and Dec

Hi, i'm 22 years old and looking to get started in real estate.

The, around 5%, rate is currently lower than what you'd likely find now (rates are just starting to dip back into the 5's for investment properties), but I don't think that keeping your rate here should impact your decision.