The reason most inexperienced investors buy in Detroit or Cleveland is because of cheap pricing.

So even if you had a buy out agreement negotiated up front and execute that buy out agreement, the bank would still require him to be guarantor unless something drastic changed on your side financially.The best scenario here would be to purchase and rehab the property using a hard money lender or bridge lender.  

Any general advice is much appreciated.50k is more than enough money, the biggest question at 22 is are you ready to buy a property and be kind of locked in for 3-5 years.

You can get a much better return on your investment elsewhere and with $500k you can buy 3 homes or a 4 unit.  

RE has always been a big thing that always intrigued and in 2024 I went ahead and took the risk of buying a fix and flip investment with a partner and soon it will be on the market!

Focus on analyzing properties and starting small, like house hacking or buying a single-family home to rent out rooms, while ensuring cash flow and maintaining an emergency fund.

I didn't buy it anyway.

It is much more difficult to sell an entire portfolio that has become uninsurable (which would require a cash only sale) or that insurance rates are so high that no one wants to buy. 

If I wait until accumulating enough cash in the account to buy another note, this will kill my yield.

I’m curious: are others who house hack buying homes they can just barely afford, or are you sticking closer to the ~30% housing rule and using house hacking income as an added bonus?