I have to say that the state of disrepair/decrepitness ofthis crappy old mobile exceeded even my worst expectations :shock: Ican`t believe that a husband, wife, 4 kids and 3 dogs actually lived here up until just 5 weeks ago - it *looks* more like this mobile was abandoned and left to the elements more like 5 *years* ago, based on my brief walkthrough.

Dec. 2 (Bloomberg) -- Homebuyers seeking to take advantage of a government mortgage-guarantee program will have to put up more cash in some situations as officials look for ways to shore up finances at the Federal Housing Administration. “Down payment is one of the elements we’re looking at,†Housing and Urban Development Secretary Shaun Donovan told reporters today after a congressional hearing in Washington. “A second is the upcoming mortgage insurance premium and then other cash that needs to be brought to the table.†The FHA is also considering cutting the amount of home seller concessions a buyer can receive by half to 3 percent of the purchase price to combat inflated appraised values, Donovan told the House Financial Services Committee.

And the most important data element (for RE investing opportunities) is EQUITY %.  

You need to worry about environmental contamination, illegal dumping next to the gas station over the years, and leaking of gas tanks.It doesn't matter who caused the contamination the EPA will make the current owners clean It up.If it's a new build the seller should have a phase one completed on the land.

Rental properties have elements of both an investment (the property) and a job (property management), especial if you manage them yourself.

The liability with providing "clean water" and the potential environmental costs with a septic system makes the risk much higher even on a great cashflow deal.  

There are so many elements to getting started in this so it is wonderful to have people like yourself providing me with insight along the way.

Since you expressed an interest in flips as well as buy and hold, I added the below links for your review.http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property) http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)To be more successful, you simply have to work on the other elements to progress your REI pursuit.

An example of BRRRR is outlined below.https://www.biggerpockets.com/renewsblog/2015/09/30/bought-rehabbed-rented-refinanced-14-properties/ (BRRRR explained)https://www.biggerpockets.com/renewsblog/2015/05/26/real-estate-financing/ (RE financing)https://www.biggerpockets.com/renewsblog/2015/03/27/financing-options-rental-property-guide/ (financing options for rentals)https://www.biggerpockets.com/renewsblog/2014/03/06/bp-podcast-060-serge-shukhat/ (0-68 rentals in 4 years) https://www.biggerpockets.com/renewsblog/2014/08/02/passive-real-estate-investing/ (slowly building wealth through passive investing)http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)To be more successful, you simply have to work on the other elements to progress your REI pursuit.

Since you have an interest in multifamily units I added the below links along with the BRRRR method of acquiring properties.https://www.biggerpockets.com/renewsblog/2014/03/13/investing-multifamily-ben-leybovich/ (How to succeed in multifamily investing)https://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/ (How to buy a smail multifamily property)https://www.biggerpockets.com/renewsblog/2015/11/16/how-to-choose-areas-multifamily-deals/ (Choosing multi-family deals) https://www.biggerpockets.com/renewsblog/2015/09/30/bought-rehabbed-rented-refinanced-14-properties/ (BRRRR explained)To be more successful, you simply have to work on the other elements to progress your REI pursuit.