studio investment or vacant land

[Alexander Gutierrez]

Hello,

So, I will get right to the point - thank you in advance for any suggestions or helpful advice! 

I currently own a home (fha) and i house hack, so needless to say i live rent free at the moment. I was about to buy a second property with 20k down, but days after was notified id be on reduced hours. So, i now work part-time, but this allows me to work on my side hustle, so i am actually making about the same income. This would make it difficult to qualify for a mortgage since it is a side hustle, and i have never claimed this income.. 

I still would like to invest, so my question is.. am i better off investing in some vacant land and hope it appreciates or should i look elsewhere. I have looked daily and analyzed deals, and there is one that would cashflow and give me a decent income. It is a studio 500sqft with tenant in place asking price is 80k. Seller is open to seller financing, but only if it is his terms-  5 year balloon payment, 40k down ( which i may be able to partner for, although i rather not ) 6% interest. I am highly interested in this property, so open to any suggestions! 

-thank you again