If I cannot buy land and I am left with the 70k, I will have to pay what they call the boot, am I correct in thinking that I will have to pay  (let's say capital gain is 30%) capital gains on the 70k? 

Correction-I have heard horror stories about Morris Invest, not Memphis invest, my apologies! 

The general consensus was that for a 3/2 or 4/2 SFR home, 8k was fairly common while anything pushing 15-20k was not very common.The house I was interested in had a bid for 7500 but also 18k, so I'd be curious where the difference was.  

Bigger Pockets is the best way to go when it comes to getting deals done correctly and reaching out to seasoned investors.

Even here, they sometimes demand a minimum bid, but sell some or most to the lowest bidder.

I actually had a client a few years back who had to go the buyer who out bid him for  a property and offer that person a sum to then sell to him so he could complete his exchange - ouch!

You'll be fine assuming you've done your calculations correctly and take your time while screening tenants (there's a bunch of multiplexs in over-town that are currently being rehabbed with no issues - run really cheap.powerful motion sensored lights and install high fencing). 

I just won a bid on my first mobile home park.

@Nghi Le  I stand corrected. 

Also be sure to inspect prior to lease renewal in case you need to use it as leverage for correcting any issues before agreeing to renew or find something that merits non-renewal.sample letter:Tenant, Thanks for being a valued resident over the past XXXX!