Its great that the seller is will to carry a note in a seller 2nd as well, that will help reduce your require monthly payment with the right lenders.

Currently Renting (Sold a fix n flip a few years ago) looking to buy land with cash (30k or so) and put a new modular home.

I just don't think you can expect a property to cash flow when you're putting 3.5% down.

What you spent on the land/lots can go towards your down payment and, if you've owned the land for more than 6 months, you can use the value of the property toward the cash injection requirement.

@Brett Coultas if you're a newbie, you want to be careful of an "investor friendly" agent selling you something they truly don't understand:(95+% of agents only know how to handle owner-occupied transactions - you can verify this by asking them calculate ROI for you or Cash-On-Cash!

Definitely a chunk of change I don't want to pay, but having my cash back out to do another deal might be worth it... 

Here’s my situation:Property & Loan DetailsFirst Home + Investment Potential: This will be both my primary residence and an investment property once renovations are complete.Purchase & Renovation Costs:Purchase Price: $100,000Estimated Repairs: $150,000Contingency Budget: $15,000Total: $265,000Appraisal: Post-renovation, the property is appraised at around $360,000—so there’s potential equity, but it doesn’t help me with the immediate cash I need.FHA Loan: My interest rate is around 7%.

Trust sells to buyer for cash.

I don’t have a loan on the property and hold it cash, but, if I sell it would lend the profits as hard money and earn 10%+. 

Make that rent payment out to you and pick up a roommate.