Mississippi, like California and almost every other state, has several regions and sub regions and each has its strategies and gotchas and opportunities and watch-out-fors...that said, step one is getting boots on the ground in the town/region/holler that you can trust. 

Trust.

It's really hard to get insurance under the land trust for rental properties in California.

I would encourage you to go the legal route instead of trusting the tenants word on their move out date if you are skeptical. 

If all looks good, I suggest a one-year loan with one automatic one-year extension for another 2 points, subject to on-time payments, taxes & insurance paid, etc.

Total losses amount to ~$12k: captured from net of box 1 (ordinary loss), box 2 (net rental loss), and box 4c (total payments).

Lots of headwinds facing real estate, like the following: Inflation Consumer Debt Lack of consumer liquidity-- renters don’t have first and last month’s rent, let alone a down payment to buyOwners interest-rate lockedOversupply of class A multifamilyStagnation of rent growth on assets aggressively underwritten at acquisition Maturation of term debt combined with stagnant rent growth against a backdrop of rising debt rates =investors unable to meet basic debt coverage service ratios on refinance Market normalization forcing operators and investors to rely on market fundamentals (recently) forsaken, while prioritizing expediency of deploying capitalInstitutional and local investors are both frozen by volatility and cost of capital and debtAll that being said, we feel good about B and C class assets we focus on and the markets we are in. let's connect soon 

Price is $200,000 with $20,000 down on a 6 1/2 year term (78 payments) with 0% interest.

Make sensible financial decisions by allocating funds for unforeseen fees, insurance, property taxes, upkeep, and mortgage payments.

I can look back and question my decision to go with him based on a number of warning signs, but we know some of the same people and our trusted friend referred him to us.