An older gentleman from church is selling off his portfolio of SFH/MFH rentals in the Belleville, IL area and offered one to me as he knows I want to get into RE Investing.Purchase price is $50,000  for a 3 bed 1 bath and the current tenant is renting at $800/month.

Never lend in second position unless you have the wherewithal to pay off the first.

If the land is in a suitable location, this could open up opportunities for developing 2 homes or even selling off one of the lots, which could lead to a good profit.

I've been listening to Bigger Pockets off and on for years but have always wanted to get into real estate investing.

I would greatly appreciate any guidance or advice starting off with this business model.

But this way you have appreciating assets paying off your appreciating asset.

@Cole Starin sometimes it makes sense to sell the WORST property in your portfolio.Another option is why do a LOC on the duplex, when you could just do a $100k cashout refi to pay off all your debt AND keep the property?

Off market and the new the owner used an agent so I reached out to the agent and made an offer How did you finance this deal?

To piggyback off what Ashish said, the limits are. 

I had belatedly realized that FHA goes off personal credit and therefore I couldn't use the LLC for it.