Long-term I'd hope to grow a buy-and-hold portfolio, but I'm very focused on this first purchase for right now.Since I work downtown, don't own a car (and don't want to), and spend most of my time in Central LA, I'm looking really closely at areas around downtown: lower-cost areas with decently affordable 2-4 unit buildings (in the $400,000 to $800,000 range) like Pico-Union, areas around USC, and even up around Hollywood/Koreatown when the rare good deal shows up there.I've been looking around on Redfin a bunch, but have seen little to nothing that satisfies Josh and Brandon's "Two Percent Rule" (or even 1% rule).

Without being a cash buyer and the market being crazy makes the 70% rule seem almost impossible.

It's done all the time you need to know the lending rules for your state.  

The general rule is that a veteran may have only one outstanding VA loan at a time.   

I used to leverage debt, but not much more for that matter.  50% down is what I used to go for.  

By the way, all that I know about the park at the moment is that he thinks he wants about $1M for it, there are around 50 mobile homes, it looks like there could be room for 20 more units, it is a nice community, and lot rent is currently about $200/mo.

You'll either want to create a partnership agreement or form an LLC and create an operating agreement, which will incapsulate both of your rules, responsibilities, rights and terms of the agreement.

These are not particularly onerous, and, quite frankly, are probably a good rule of thumb to follow.  

Everyone always says top markets like NYC  withstand recessions and financial shocks but people who bought in 06' - 08' took a bath just like everyone else in the aftermath (sure it wasn't 50% but 20% is a big hit if its your primary asset)P.S. - Buy in the neighborhood you want to live in! 

I also have over 50 properties I'm marketing in central FL if you are interested.Steve Anderson