First time brrrr second possible rental property

[Lee Bouldin]

Hi guys I'm a new real estate investor. I fell into it accidentally a few years ago when my neighbor moved and wanted to sell me his single wide trailer and land. I bought and rehabbed the place and now my daughter, son-in-law and grandson live next door and we love it. The rehab was extensive but I feel like it was worth it. Recently I had the opportunity to buy my father-in-law's home,as he is in an assisted living facility and could not pay his taxes. I caught the deal before it went to tax auction and worked with an attorney to avoid conflict with family and Medicaid.

I got it at a steal, but the house is in bad shape. Lots of trash and vandalism. I feel that I have a great opportunity on my hands as the market is growing here in our rural area of Georgia. It's a 4 bed 2 bath site built home with an ARV in my opinion of probably 60 to 80000. With rehab costs from 10 to 25000. I have less than 10000 in it now and I feel like I can get 700 to 800 a month for rent.

Thoughts? Suggestions? Anything would be greatly appreciated. Thanks in advance.