Bought off the MLS.

I'm currently interested in learning about all types of real estate investing but thinking of starting off with house hacking or flipping. 

This means if I purchase a home at the right price, I came come into this deal with little to no money down to start off.

First off, I would lose the term "elderly" and refer to it as seniors, senior living, etc. 

The only areas that really scare me off are major crime infested areas.  

When the costs of the thing are so low that you can live free off the rent that the other unit is generating, it adds to your life.I would recommend reading Set for Life by @Scott Trench and looking at his data about living in duplexes.

The seller is giving me a one year home warranty.As someone who has never bought a house a 20k renovation right off the bat feels very scary.

This affords the opportunity for a homeowner to sell the property if it is not under water for market value and pay off the loan before they are foreclosed upon, or more commonly, short sale the property with the bank's approval. 

I have no credit debt and $12,000 of student loan debt I'm looking to pay off within the year.

High yield savings, pay off debt, 401K, etc.?