A renter is free to buy any investment property they wish, as long as they have (or can obtain) the funds necessary to close. The first real estate investment a renter should make is to own the home they live in. It is pointless to own an investment property, but continue to pay out rent to someone else. Why not just eliminate the rent payments, and pay on a house that someday will be paid off. If you can afford two payments, you could buy two investments instead of paying rent on one property and owning another.
Finally, the very first investment one should make is to pay off any debts they owe. There is virtually no way to carry a debt, invest in real estate (or anything else), and be ahead. Pay off the debts first, then make investments.
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