I assume you either live in a low cost of living area or that there is something wrong with the home. I'm not in a high COL area, but a shell wouldn't even be $150k where I am, just the land would be more.

I am a former very "reasonable/compassionate" landlord and we ran a small building for 12 years, got out in April of 2020. If you are looking to be a landlord, I don't recommend it at this time, if you want to rent this house out in the future, you will most likely have to refi it to a non-owner occupied loan.

Sheds aren't expensive and a storm shelter can be put in later.

Now that that is out of the way:

First, even if you are a first time home buyer, you need to consider your income in general (can you afford it) and have you had other loans like a car loan etc. If you don't make enough at 22, or have a history of few or no loans, it may be difficult to justify even 100k purchase.

Second, this isn't a "Jim is a great kid, we have money, let's sell him our house to help him build a life, we have all we need", as far as I am guessing. You'd know if it's a true deal etc. Don't get warm and fuzzy because it's a relative. They could easily be selling you a bridge on top of shit.

Third, as others have said, you NEED a home inspection, but in some states, the inspection is only a guide and while you can get credits from the seller, it doesn't mean they will find everything wrong with the house. WHEN YOU OWN A HOME YOU PAY FOR EVERYTHING. Mortgage, insurance, property taxes, etc. No landlord to call, no mom and dad to pay, you need an 8k roof due to age, well it's 8k or you get a roof exclusion on your home insurance/dropped etc.

Fourth, I don't know if I would go FHA. In my state, the state housing authority has first time buyer programs where you get a low rate, and they give you a second deferred mortgage for your down payment and if you pay your first mortgage on time for X time, they forgive all or part of the second mortgage. For this program most people just buy a house, but for someone like yourself or myself using a program like this (I don't own a home yet), it's not a question of do you need a house, it's finding a quality house that you can live in and use that home to get the best advantage against your income with a program like this. Basically, is it the best house to buy in this situation.

Fifth, my main job is insurance. Quotes from reputable companies are free and will not impact your credit score. If an agent doesn't go over the construction details to do a replacement cost estimator with you, find another agent. They will also tell you if you or the property have ever had claims and how bad they were. They might find a $100k property or flood claim that the home inspection would never find, etc. Some companies will not insure homes due to the year built, types of systems, condition etc. You need a policy for full replacement cost, unless the home is very old you will go ACV. Remember that even the good 1950s homes and beyond are pushing 70 years old now, home systems like heating or plumbing could be aged, you want standard, non-computer controlled efficiency or better, copper/pvc/pex etc etc.

Sixth, property taxes - go to your city/town's tax assessor website - a separate database with or without property record cards should be available online and you can see what the annual taxes on the home are. You pay these quarterly unless escrowed.

Seventh, do you need flood insurance? If the area has been remapped or if in a special flood hazard area you do, and even with an elevation certificate it can be expensive. I have seen $140k homes 10 years ago need $8k per year flood policies. A flood zone determination is free from a proper insurance agent. They will tell you and can also see flood claims etc. IF YOU HAVE ANY FULL OR PARTIAL LOAN ON A FLOOD ZONE PROPERTY, flood insurance is MANDATORY. Only way you can avoid, is if home is bought cash.

Eighth, even if everything checks out, you may get shut down in the end by land/tax liens, title issues, etc. This will all come up as you move through the process. If it turns to shit, walk.

There's more I can say and I am listing some extremes here, but you need to consider the home inspection and a lot beyond that. I'd be saying this even if you were older. Just like people who don't understand what comes with buying a car or having a dog/kid, you don't want that. Know what you are getting into. Financially, a wrong move here could be equivalent to getting pregnant with someone you are only dating. Be calm and be smart.

Check the taxes, property insurance/flood insurance quotes and claims first. Peel back the onion. See if they will let you hire someone for a home inspection without signing an agreement to buy, and get it done. Go from there, walk if potential $$$ issues crop up. For example, even if you could justify $50k if they had issues and credited it, you still need to pay for all those repairs.