Ideally I would like to eventually become free from the rat race while building passive income.

26 year old living the rat-race dream currently in the hormonal-weathered state of Kansas (Kansas City specifically).

. :)James Vermillion I'm a big believer in the "slow and steady wins the race" theory of real estate investing (and business in general, I guess).

I'm a Realtor by trade and making the transition over to Investing (Buy & Holds) to get out of the daily Rate Race.

I am 57 years old and have enough money in a deferred compensation plan to pay my way out of debt even if I take the 10% penalty for drawing it out before I turn 59 ½.I am ready to start investing in real estate and leave the Rat Race!

Based on my current research it would look like this: Offer:                              $80,000         Based on land values and the only comp in a 10 mile area the past 750 days.Demo costs:                   $10,000         For both house, foundation, trailer and some fencing and an outbuilding.New full basement:      $8000            Plus or minus $1000 depending on the Double Wide ModularDouble Wide                  $115,000       Average higher end home with sizzle featuresLandscape/Clean up    $14,000         Face lift on barn, clean up horse pens, fix or replace fence, add a gravel drive, plant 6 trees, add accent                                                                 plants and shrubs, place a 500 gallon buried holding tank for watering needs etc.2 car garage                   $17,000         Add a 24 x 24 detached 2 car garage. 

So forgive me if I am beating an old horse. 

I put the wagon in front of the horse on this one - the duplex sold and the condo had decent foundation and termite damage so I passed. 

She took out a reverse mortgage in the amount of $273,000 which needs to be paid off within six months.In short, it's a beautiful 17 acre property with a 3 bed 3.5 ba log cabin built in 2012 with a barn suitable for horses/cattle.

Property has 5 gated pastures for animals (horses, sheep, goats, etc), hay barn, chicken coup.