Single Mom in Moab, Utah looking to invest/buy a home

[Kimberly Kelly]

Hello, 

I appreciate you taking time to read this as this is my first post. 

I am 29, have been exploring investing for over a year now. I have read 5 books, been pouring over podcasts, talking with friends, and just recently started thinking seriously about investing in property. My hometown, Moab, UT, is really expensive, but it doesn't deter me from taking the risk and staying close to family and my daughter's father. I have my 10-year-old daughter part time.  I am looking to put my savings to work for me and hoping to move out of my 2020 fifth wheel into something that will appreciate over time. She is quickly becoming a teenager and we need our own rooms to accommodate her independence. 

I have $120k in savings. I wait tables 6 days a week and am listening to bigger pockets day in and day out and dreaming of passive income. I am aware that this isn't a place to mix emotions with business, which is easier said than done.  I am trying to keep my options open and stay creative. 

I am currently being pre-approved for a first time home buyers mortgage (not sure on fixed or not), and I imagine I would need roommates for income cushion if I move into a place. It looks like my monthly bills may be closer to $2300/month with utilities. The price range I am hoping for is a fixer upper at the $460k mark or less. 

I have a potential business partner who sells real estate and may have a deal. He thinks we could turn it into an LLC and create a rental (ADU?) above the carport once it is turned into a Garage. I think he would get the profits from that nightly rental as he would be the one to remodel it. And I would be the one living in the house, hopefully with a trustworthy roommate as I have a child.

He also briefly mentioned that we may be able to create another rental in the backyard which would be great money wise, but maybe a bit chaotic. I would also be the one responsible for the mortgage so I'm nervous about partnering up and would honestly prefer to do it myself. Or if the partnership had somewhat equal terms and risk. He is the one bringing in the deal so I want to respect that.

I have had 3 other friends offer to go in on deals with me whether that is flipping a house, building on raw land, or being a private investor to me with a low interest rate. The latter seems to be more of an entanglement- so I would probably want to flip a property if I go in on the private investor. 

Once I do buy a place, I plan to sell my fifth wheel (hopefully in the $60-$75k area) and probably hold onto that money for emergencies. Or at least half of it. These are my thoughts. I am passionate about a better life. 

Really hoping this sparks a conversation. 

Thank you.