Trying to get started, could use guidance :) Is this a good deal?

[David Kauzlaric]

Okay so I am seriously interested in getting my feet wet in real estate investing. It seems like MHI is the way to go because of the low cost of entry and if things go bad, you're not out more than a few thousand and if done properly, a great way to generate a couple hundred bucks a month and get the process rolling.

I've been reading and studying everything I can for free. I am interested in buying, rehabing (if it needs it), then selling it via seller-financing.

The main questions I have are as follows:

Here is the listing: http://appleton.craigslist.org/reo/4305444560.html

1) SAFE Act & Frank-Dodd laws. I have done research but it's not clear. I CAN buy and re-sell this house via seller-financing but I need to make sure and use a MLO, perform proper credit checks and make sure they can properly afford the property, and I am not allowed to use a balloon system. Is this correct?

2) This mobile home is listed at $4,000. I am sure they'll go lower. How do I tell what to pay for this and what should I offer them? I was thinking ideally I would pay $2000 for it, not a penny more.

3) Lot rent is $285, seems reasonable. It's not a ******** area of town so it seemed like a good start.

4) Is this home too old? According to the listing they have done repairs and it's not a run-down ********.

5) Lets say they take $2,000 and you guys agree it seems like a good deal at $2,000..... and lets pretend I have to put $1,500 into it so I have $3,500 invested. How much realistically could I sell this for and how much would I charge for down payment and how long of a structure/interest rates/payments and is it legal to do seller financing or ?

Sorry for all the questions... just really need clarification. I am having trouble figuring out what is a good deal and what is not... how much to pay, how much its worth, etc.... and also if I can do seller financing on this.

Thanks in advance, I really appreciate everyones time.