Mobile Home Financing/Pay cash?

[Katie Helms]

I am brand new to investing but I'm very excited to get started one day soon!

Before that though I need to secure my primary residence and savings. My spouse and I recently sold our home and profited $118k. We found 6 acres of land with a single-wide for $115k total to purchase from a family friend. We are living with family until we figure out the best allocation of our money. We will eventually build a home on this land and rent out the mobile home. Here are the scenarios we've discussed.

1--We pay outright for the single wide and land but lose our liquid capital and will be left with little savings. In this case though we will not have a mortgage and can save funds quickly for our first investment property.

2--Finance a portion of the property with a mortgage type loan and pay a large down payment and keep a good chunk of liquid funds in the bank to invest with. We are having a tough time finding financing though, so this seems problematic. 

3--Finance a portion of the property with a personal type loan and pay a large down payment and keep a good chunk of liquid funds in the bank to invest with.

4--Lastly, we've considered asking the seller who is a family friend and seems reasonable for seller financing. We'd give him a large chunk down then draw up a contract for the remainder of the funds. 

Please give me your thoughts and input! Time is of the essence, and we don't want to make a bad decision that could hinder our financial future!

Thank you!