I'm looking at buying a 7 space mobile home park with one stick built house that is owned by the park. 

He said the house needs no repairs, built in 1980. 3 bed 1.5 bath, 1190 square feet.

The truth is, it's rare that someone with no experience can pull it off and have built in equity at the end and if they do, the amount of equity left is not worth the risk of taking it on yourself.

But I was out of town on closing date so my dad signed for everything.

The terms are below.Loan amount: $277,000Loan type: 30 YR VA Home LoanCurrently have $1,500 in debt.Location: Leominster, MAProperty Type: Two-familyYear Built: 1900Credit Score: 722Savings: $20,000Insurance: $1,500Make $66,000 annuallyWith that being said, I feel like I am being screwed.

. $400k home, $300k contract, $300k mortgage, $100k worth of equity built in, which I surmise is enough cushion to weather the next storm.  

I built a mini speadsheet of 20 HML and I called them all.

I also had that one broker mention a renovation loan, something I am not familiar with at all, but maybe its close to the same as a construction loan for a new house which I did do when we built our primary residence.

I'm looking at a small town (probably too small) to invest in. 

I try to spend the weekends out of town, so we can plan accordingly.