Understand you have great equity position but it is expensive, but more importantly  takes a lot of time and very distracting from other money making activities to foreclose.

Some of the best investment were made in bad neighborhoods and higher crime rates then as usual the area becomes gentrified and continues to grow in both equity and passive income.

Then the remaining profits get distributed at whatever split you both agree to...I often see it start at 25/75 (75 to the person in your position) and then maybe increase it to 40/60 or 50/50.It would really help if you could provide some numbers on your deal. 

I would personally use some of that equity and get started with your first property.

I would to use my equity in my current home to start investing but my current property needs work, like a full rehab.

If you’re not able to, then it may be better to sell the condo, take the profit (if you have some equity in the condo) and put it into a multi-unit to househack again.

On a positive note, 100% of the purchase price should be available for depreciation since there is no land associated with the purchase.I see a number of other double-wide manufactured homes available in GR, many priced well below $120K.  

I am curious is the total equity $100k, or is that the accrued equity? 

my wife and I have small positions with Bam and have also met in person with Ivan at his office in Indy..

Turn this around into a positive feel for the tenants.