Its far worse when someones desire ("the American dream") and naivety saddles them with a debt that will destroy their entire life.

, buy a saddle ..I guess it is area specific ..

I normally don't jump all over somebody for sharing their opinion, but knowing that same somebody needs or is at least contemplating liquidating their wife's 401k to expand yet is giving advice on being wealthy tells me they most likely are saddled with 5 figure car payments as well.   

Where I live In Cherokee county that same property is about 60k.Tenant class would be about the same.The LAST thing you want to do is saddle yourself with a high debt service and mortgage that cripples you from doing the better deals.I see it a lot where an investor buys a house and pays to much for it.Any little problem goes wrong like eviction and tenant damage or unanticipated repairs and you are now in the red.Many bought houses in your range when the market was hot in my area for appreciation.They didn't care if it cash flowed as the appreciation they could just refi out and make money that way.Sometimes people will buy something just as a tax write off to show losses and other times if you break even but the old property is sitting on future commercial land or other potential develop you can make a great return that way.If it's a house in a subdivision there is only so much you can do for an exit and return strategy.The numbers you have given I would not do the deal.

My girlfriend is the one who's a bit saddled.

Most parks have "lot rent" that is a few hundred dollars per month, and may or may not include utilities.Be careful that your seller isn't giving away their mobile home just so they can get out of their lot rent (and saddle you with it instead).

A junker with no equity and hidden title problems, or  a scam from a pump and dump rent to own outfit wanting to saddle you with massive debt service.  

I've become determined more than ever to make REI my full time endeavor, have been saddled by analysis paralysis and money fears etc.  

There are some excellent tenants within the program who fortunately/unfortunately are saddled with utilizing section 8 as a last resort.I have multiple section 8 tenants and they are well respected by me, for keeping the place in excellent shape and paying their portion of the rent on time, even those who pay $0.00.On the other hand, it's important to screen them as vigorously as you would any other non-section 8 tenant and not because they have a voucher, which will deposit all or a large portion of the rent in a timely fashion.Yes, there are yearly inspections, but, I relish that as it ensures that my/your/other taxpayer's money which subsidizes the program is well spent and forces the landlord to keep the property in good working order not just at inspection time, but, throughout their occupancy of the property.

Giving a personal guarantee saddles you with debt.