And as Rory points out, subsequent loans require less overall time and effort once you have a track record.

IE if you are wanting to wholesale which I don;t reco today, its too hard, you want a list of high equity owners BUT BUT the value is in figuring out a source of stress, a reason why the owner is on the virge of wanting to sell. 

I financed this deal using a combination of cash and a line of credit.

I financed this deal using a combination of cash and a line of credit.

If you're planning to live in it long-term and then rent it out later, it could become an investment property, but you won’t have that immediate cash flow benefit.

If you did not and it’s unsecured debt you could be out of luck on some or all of the money as depending on his situation unsecured creditors in a bk may receive pennies on the dollar depending on what he can afford and if converted to a ch 7 you would get wiped out.Even in 2nd position he could argue the property is underwater and wipe out your lien.

Stay out of Endsley that's the worse area.Watch out for those turnkey products.

Make sure the property is going to have positive Net cash flow when you move out.

The park is out state and my partner owns two other parks in the state.

Positive and negative forces will cancel each other out to some extent.