There are hidden costs and risks you don't yet understand.

Also if you skip title insurance now, wouldnt that run the risk of impacting of a buyer getting a warrant-able deed when you sell? 

If you submit an offer during owner occupancy only period and do not plan to occupy the home as your primary residence you are running a large risk and would recommend against it.I've heard of investors that did this, then got told on by another investor that was looking at the same property.

E.g. if this is in a quickly gentrifying neighborhood and your personal financial situation allows it, you could take a risk and underwrite it at a level where you are just-about breaking even with your mortgage +  operating expenses. 

:DAs long as I stay in furnished places, I carry everything in two backpacks! 

A portion of each payment is allocated to return of principle, gain and interest.Most importantly you will recapture all depreciation in the year of your installment sale.Didja know know that in the event that you found yourself needing to do a 1031 there is a way to combine a 1031 exchange with an owner carry note? 

I don't want to take on a lot of risk by being overleveraged. 

Are you wanting to fix up a property and do you know exactly what that price range offers and the risk factors with that?

A great way to get started would be with a 2-4 unit to minimize the risk for a first time investor.   

Some relevant details:Located in a small, rural community2 family, side by side unitsLow cost/high rent (2% rule applies) areaPotential risks include: limited tenant base, tenant issuesMy inclination is to sell and move on, as it will take significant time/capital to get it back in good, rentable condition.