(I see it as a cash out refinance 0-6 months later)If connecting with that homeowner starts to feel like a full time job, grats, you've discovered why being a Realtor is a full time job. :)

Purchased for $36k, total purchase including closing = $39,766.Incurred additional costs during rehab when I discovered that the bathroom walls/floor were rotted due to leaking shower walls.

The extreme interest rates wiped out savings and loan institutions by the hundreds.The 1982 recession finally ended in November.

In some ways, your risks are increased dealing privately than with an institution. the end result can be worse dealing privately.

I discovered him about the around the same time I found BP.

You may discover CapEx issues that wreck the property's appeal/valuation thus negating further investigation.

Also, I discovered that two of the five units are 2 BR units but the owner has not raised the rents in the units because the tenants have been there for over ten year.  

They are largely the same, equally give short-term loans to real estate investors at higher interest rates than banks and other institutional lenders.

Mobile homes take a lot less money, are easier and quicker to buy and sell (personal property like a car, not real estate), have much better ROI, and there’s little competition.If you make the effort to get past the myths and misconceptions you just may discover a gold mine :)

Between that and discovering biggerpockets.com I was as interested in real-estate as I have ever been.