You have 80K liquid depending on the property type you can put 15% down on a investment property.

You can also close these types of loans in an LLC if that's a concern.

What made you interested in investing in this type of deal?

I would recommend that anyone who’s doing a type of transaction for the first time hire an attorney to represent THEM, aside from the closing attorney or title co.  

Analyze your strengths/weaknesses and also the type of business you are planning on building.

Main questions should ask about the seller's:- Reasons/Motivations for wanting to sell- Desired timeline to close- Plan's after selling (relocation, reinvesting proceeds, 1031 exchange, etc)- Back-up plan in case they are unable to sell within the desired timeline- Reasons for not already selling to/with a investor or RealtorAdditional questions will depend on the type of seller lead i.e. pre-foreclosure, probate, fsbo, absentee owner, etc.Here is an example of a youtube search you can use to begin finding call recordings.There are 1,000s and you'll find that the best/most effective ones don't even sound like sales calls.

What type of property are you thinking about? 

A critical piece of info here; what type of property is this? 

Even if the units you tour aren't the one you eventually buy, walking around the area and getting a feel for the property types will help you be a much more informed consumer when you are ready to pull the trigger. 

I’d love to hear some perspectives from more experienced investors on what you think about the info below:$75k for a 5bd 3 ba manufactured home that rents out each room for $500/monthPros:Reliable tenant paymentsCheap purchase price relative to income generatedPotential for ~16% CoC ROICons:Long distance investment (requires property manager)Month-to-month leases per bedroom (& no deposits collected)Located in Utica, MS – not a thriving market for rentalsManufactured home – not sure this type of home will build equityUnsure what kind of tenants live here Hey Molly!