As doomsday scenarios go, this isn’t terrible.Now switch to my mobile home park and consider the same factors.Rent - low rent payers ($200 per lot for 15 lots),Credit – my residents probably have mediocre credit at best,Building – I own nothing here, as the residents own their mobile homes.Site Improvements – I own nothing here, as there really are no site improvements to speak of,Zoning – zoned for the parkReal Estate - an otherwise poorly located piece of ground jammed up against an airport.The seller/owner created the park 15 years ago and claims to have never had a vacancy, so if my doomsday scenario hits and all the trailers are wiped out by a tornado, I’m left with a poorly positioned piece of ground which I suppose I would eventually repopulate with mobile homes.So why consider this at all?

This is very different from my interpretation from listening to the BP Podcast and reading Investing in Real Estate With No (or Low) Money Down.

Low skill work even homeowners can do.

I'm trying to keep my debt as low as I can.

Creating an LLC from the get go and purchasing properties through it would exclude you from utilizing this financing.I run a $40 Million portfolio in the Cleveland area & I can tell you even at that scale the risk of a life changing lawsuit is incredibly low, especially if you are acting like a responsible property owner.

I would do the financing and my family member would self manage at the property and get a cut of the cash flow, this to me is a low money down option and also not very time consuming as I would not be the boots on the ground.  

Very very low interest rate, mortgage of $800 a month and homes in the area are renting for $1,200 plus!

I can't submit a "low" offer when the property is 30 days on the market because there is (with a competent realtor) too much activity.

You can also build a rehab budget into your loan with a 203K along with the FHA loan if you want, with as low as 3.5% down.

For you first larger multi-family property, I would focus on areas that have proved to have rent stability, overall low capital improvement requirements, and a record of property appreciation over simply going for a property that gives you the largest forecast returns.