The numbers with a 2 bed 1 bath and a 3 bed 2 bath work out pretty well at what the offer is. 

Local banks will work with you if you have stellar credit and a good track record.

Added living space in the basement for unit 1 and a roof deck for unit 2.

@Joel Cruz de Anda Welcome to BP here in Orange County. 

I guess my question is would it be smart to put all my extra income and a good portion of my own income into the mortgage and just pay it off in 3 years or should I look at other investments.

I have a short term goal of making my first deal within the next year, and a long term goal of owning 100 units within the next 8 years.Looking to get to know like minded people, learn from others, and talk about a similar passion of investing.

Setting that and sticking with it is how you accomplish a "job well done" and stay on budget.Look, I am a sucker for a sob story and a go getter attitude.

The actual value improvement is going to be determined by the referees if the previous owner disputes the value you give them and as a compromise can be determined with an updated appraisal when the owner redeems. 

When I saw a property that looked to have been vacant for some time and needed some work I thought, this could be a good opportunity to have a low monthly payment, a place to live, and a chance to make some money.

There will be a/c issues, lawnmower, weedeater, new refridgerator, dishwasher and a bunch of other things.