I am learning a lot about real estate and want to purchase a rental property in my area.

Purchase price: $275,000 Cash invested: $294,000 Sale price: $355,000 Seller was behind on pay HOA payments and in risk for losing the property.

@Rosette PooleRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

So I ended up using 0% interest business credit cards which I liquidated to purchase and renovate my property (total credit limit of about $95k total).

@Jerry Velezif a property is owned outright with no mortgages, debts or liens on it, then it can (potentially) be purchased on seller financing. 

I have seen loan products that will let you purchase a mixed use property to live in the residential unit, but that is a specific product and you should consult and expert to see the best option for you and your cash on hand.  

For an investment property (purchased as an owner occupant), that is insane. 

And we usually replaced windows/storm doors and HVAC systems within a year of purchasing older units, and this has helped as well.

I'd say if you are looking for commercial real estate wherein the purchase bought the property in a corporation then PS is not the best place for lead generation and skip tracing. 

@Preet Oberoi Purchasing a short-term rental (STR) or tiny home to offset W-2 income with depreciation can be effective if structured correctly.