Potential Deal in Gainesville, FL

[Gus Mazorra]

Hey all, looking at this potential deal (one of two on my table at the moment) and would love some feedback. Home rents for 2,400-2,500/month. Purchase price is $185,000 with 20% down. 30 yr fixed at 5.5%, accounting for taxes, insurance, vacancy, repairs, and cap ex, this home's monthly expenses is shy of $1,400. Best thing is house has been completely rehabbed - roof, h2o heater, a/c, floors, etc. Just needs a coat of exterior paint. With this cash flow, ballpark of $12k annual, on a <$40k investment, I'm looking at nearly 30% cap rate. Thinking of pulling a 15 yr mortgage, as this will still yield me near 20% cap rate and have the house paid off before my daughter finishes high school. Cash is coming from a 50/50 partner (father in law) - $20k as an investment, $20k as a no interest loan, to be paid back at leisure. This is my first deal. Am I setting myself up for a lifetime of deals that will never amount to this?