If you are out of money on this, it's time for creativity and elbow grease! 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $50,000

2 bed
1 bath
825sqft
3,049sqft lot

For more affordable properties—those priced under $400,000—the timeline is even shorter, with many homes receiving offers within two weeks of being listed.This fast-moving market poses a particular challenge for first-time buyers who may not be as familiar with the urgency required in competitive bidding situations.

For maintenance we do exchange time for the remainder of the rent that they pay.

Consider the time and energy you'll need to contribute, and let those factors guide your decisions.

A tax pro will not save you time or effort but they may assist if you're unsure. 

I would like to say, he is my first horror story tenant.

Quote from @Rose White: When is the best time to ask your new / possible future tenant for a background check?

There are houses that can be lived in and fixed up, or turned into multi-unit spaces (such as terraced houses with converted 'stables' at the back) for living in and earning income at the same time.

Be very careful with this as a first time project!