You can lose alot more than rents and a down payment.I would also suggest you stay away from buying in lots where the owner of the lot has trailers for sale, it's tough to compete with someone who is there all the time and steers anyone who comes to look.If you are caught up in the potential profit and want to see how hard you will end up working for it, by all means buy one and market it for a sale.

She would put together the proposal for us and if the bank turns us down then they go to some government agency that promises 80% of the loan if something happens.This is the wife's cousin and wouldn't steer us wrong.

Thanks @Will Barnard for steering me to those topics!

Although with your price points you likely won't be steered into any rough areas.Good luck to you & I'll see you around the forums.

Yeah, I'm steering my buyers outside of Portland right now as the prices have gone up enough that even the increased rent doesn't make them cash flow.  

There may be some slight tax issues with living in your multiunit rental and they can steer you straight.

Now this article was to steer people away from the 30k houses in the rust belt.

Network with other investors and wholesalers and they can help you and will steer you in the right direction.

I can help you steer around some local pitfalls (there are bunches, management companies, handymen, cleaners) if you want to reach out.

You're basically getting into a vehicle and letting go of the steering wheel hoping you end up at your destination.Focus on things that you can control and build a plan around that when you invest.