This will give you what is known as skin in the game- and make you into it actually investor - with something to invest. 

Just some things to think about.

Something to keep in mind however is that your choices may be limited depending on weather your PMC filed for eviction as 'them vs. tenant' (which is quite likely how it is now), if so, then you will have two choices: 1) You will have to let them handle eviction until the end OR 2) you will have to re-file for evition as 'you vs. tenant'. 

They’re very well written and something I return to often.Don’t start off flipping and you’re probably not yet at the stage of doing BRRRR.

Is this something investors commonly go about doing?

The reason being you'd be leaving a super low rate (comparatively) to then roll it over into something more expensive.My answer to your question is the same I give myself and my clients: It depends on what your situation & goals are.

I would also hire them to do something, sometimes an appraisal, sometimes just a letter of opinion and paying them a feew bucks to provide some commercial comps was pretty cheap.

Quote from @Conte Cuttino: My advice is very basic: always hold a property unless you can sell and invest the money in something that provides a greater return or moves you closer to your goals.

I STILL live at home and my parents are urging me to get out of the house but I don’t want to make a big financial mistake and purchase something out of emotion.

Can’t 1031 into something you already own.