Don't just assume lowest downpayment, next house.

I was wondering if buying a long term rental property with tenants already in place in a market that is up 20% yoy is a good investement or not. the rough numbers ive been running seem to have a decent cap rate but the house is about 15k more than the zipcode average. 

Quote from @Joshua Lee: I've read about house hacking the BRRRR method, FHA loans, etc..

Rents in the area are anywhere from $1k-$1300 a month.My plan was to get a hard money loan to get it going and fixed up and ready for tenants, then within about 6-7 months refinance the home with a traditional lender, then sit with that home for awhile until I get fully comfortable with the one house.

That $50K rehab should be adding at least $50K in value you to house, but let's say the market is really bad and the rehab you did wasn't so much value add.

Selling a house and agreed to terms with a buyer *pending inspection report*.

Overextending Financially: Stick to your budget to avoid becoming house poor.2.

Does that automatically disqualify them from being good tenants that would pay the rent on time & not destroy the house?

The house was out of state. 

Being that I work in education, and I am starting from nothing (with some shared debt), I am looking at a house hack.