Hey everybody, my name is Kevin Sun and I am a student at Rice University looking for some advice.Recently, 2 partners and I purchased our first rental property out in Beach City, TX. It is a 3/2 manufactured home wit...

Hello BiggerPockets Community,I trust this message finds you well.As I take the exciting leap into my first real estate investment, I am navigating the intricacies of options of funding.What financing strategies have you found most effective for initial real estate ventures?

Some facts of the house:Location: Nassau County, NY, Town of HempsteadYear built:1929Purchase price: 290,000 in 2013Condition: AverageLot size sqft: 5000Livable sqft: 760I'm seeing several houses in my zip code that have been demolished and rebuilt into new houses with the maximum allowable livable square footage selling between $1.0M- 1.2M.Which is a better option taking into consideration, profit and capital gain tax (assuming my household income of 80K)1) Should I sell this house as is at $450K2) Demolish this house and rebuild it without taking out a loan.

I think most sales contracts would give you the option to terminate the contract and walk way if the seller had not met their obligations to close by the agreed upon closing date.

One option may be to get an inlaw, what you can do with that depends on your town but you can't rent those after you move out.

If that was my option, I take door #2. 

Currently, I have very low hopes and figured I reach out to this community to see if anyone can help with a direction, options or other that will not be erroneously expensive.

If you need a lender recommendation to discuss your financing options, feel free to send me a PM.

If I were to get my park back up and running, I would be adding the ability for the trucks to plug in (cut down on generator noise and exhaust - I would charge for access or build it into the rental fee, and most food truck operators would love this option), add real bathrooms, and add other features as an additional draw to get customers for the trucks. 

You also have a large population of STR's using VRBO/AIRBNB and other options to collect much higher ROI's.Location is key but sale price comes in a fast second with rents per door right behind.