Even though they planned to refi after five years, the seller financing did not require it, it was a 30 year term.Overall I think I did a decent job of evaluating the property (still some room for improvement there), but not the people.

Realtor says another deal fell through because it didn't fit their needs for an event location.We'd be coming in with 20% and look at about $10k in initial improvements. 

This helps break down the purchase price between the land, the trailers (which may qualify as personal property), and any improvements like utility hookups.

Continuously educate yourself through books, podcasts, and videos, such as BiggerPockets Podcast and YouTube channels.

Just to update this post, appfolio has done a ton of improvements. we are using it now, we have close to 700 investors and we have had ZERO issues with it.

Her health improved.

I would advise you to look for a house instead of a condo.Condos have many fees, rules and can have expensive assessments for repairs and improvements that you will be forced to pay.Also Condos are a dime a dozen so the competition is fierce which drives the nightly rental rate way down.

However once we started making improvements to the property, the idea of converting this to a STR (like the one we did a year ago), started to be a consideration.

This can help offset costs and improve your financial position.Cash Flow- Calculate all expenses related to both properties (mortgages, property taxes, maintenance, insurance) and ensure you have a positive cash flow.Vacancy Rates- Factor in potential vacancies when estimating rental income.

I've thought about property mgmt. but I'm having a problem deciding on whether or not giving up 10% of gross income to cover the cost of mgmt. is worth more than convenience of improving the proximity of another location closer to my primary and easier to continue managing myself.