You would not be following a fundamental tenet of the RDPD philosophy. The return on this property is very poor. Using the 50 percent rule, even at $1,700 per month rent, yout net income would be $850. Free and clear, the cap rate would only be 4.1 percent. You would not benefit much from leverage even if you could buy the property with owner-occupant financing. Unless I was buying a $400,000 house for $250,000 and I could sell it for $400,000 the day after I bought it, I would pass on this investment "opportunity."
Before you buy any investment, especially investment property, you should understand what you are buying. Reading RDPD will not educate you on buying and operating rentals. Arebelspy has a list of good books on real estate investing in another thread. Read those, join an investors' association, and learn about real estate before you reach for your checkbook.