Hello. Rather than simply reading the question and making a judgment, please read my unique situation. I recently visited extended family in a rural area and adored the location. There is a one bedroom/one bathroom house located on a farm owned by a relative that I would like to purchase in cash. Currently there is a tenant, and I live far away from the area so I would pay the relative to manage the property since it is attached to their own. I would have no mortgage and would set aside cash (about 20% of the purchase price) for repairs in case anything happened. Does this sound like a feasible plan? The purpose of the property would be for vacations, and once the current tenant decides to leave I would stop renting it.
Is there anything I should be cognizant of going into this process?
Added (1). I am currently a college student, and this property would be over a thousand miles from where I live, but I trust my relatives.
Added (2). It has a driveway and I'm fairly sure the lot can be subdivided.
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