<prompt> Human: Theres a house on the same block as mine and its price dropped 30k in 4 months from 250k to 220k , my mother has been inside it and it looks well maintained and I live in suburbs north of Minneapolis which is a pretty safe area. Im not experienced in buying homes or real estate. On realtor .com it estimates the monthly cost for mortgage,tax and insurance would be around 1,130 If I put down a 40k down payment 20 and had a 30 year contract with 3.910 interest rate. I would have to get a loan from a bank as well. On zillow the rent estimate is 1600. Also my own house which is on the same block had its value rise 3 or 7000 last month. I am currently 20 and will be graduating with an associates degree in business pretty soonabout a year and I currently have about 5k saved up and I make around 800 a monthI could increase it to almost 1.5k if i work full-time after all my bills are paidphone,car insurance,housing,food, etc. What are your thoughts and what should I look into more? Would appreciate the help since Im not experienced.  <response>: Your income at best would be 18,000, that is not enough to own a home. You will not qualify for a mortgage. Stop in at your bank and talk to the mortgage person a few minutes to verify that.To prepare for buying a home, you need to have a higher income and 2 years steady income history at the higher income. And you should read several books on how to buy a house from the library.Note that being a landlord is a separate subject, its a difficult business and you need a lot of money and research to get started. You can get books on that business at the library also. Avoid any book that promises get rich quick. 