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Owning a rental while still renting?

Hi! My husband & I are currently renting in TX. We’ve been trying to navigate the crazy market but haven’t had much luck with finding a house. We saw a house for sale yesterday & got more info on it. It’s within our budget but it’s currently being rented month to month. Our current lease ends in December and our landlords gave us the option to do a year lease or month to month. We have a lot to go over and still need to see the house in person, but I was wondering if this is as good of an idea as I’m telling myself. Good neighborhood & we’ve been pre approved for the asking price. As soon as the tenants leave we’d move in. Has anyone done something like this before?

submitted by /u/IcyShake8705
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source https://www.reddit.com/r/RealEstate/comments/r45u36/owning_a_rental_while_still_renting/
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