There isn't much scale in your current idea, but there are a lot of mobile home investors who figured out for low money down to start.

You need to have enough money, probably in the $100-150k, amount to put the property under contract, and do the feasibility study on the property, Phase 1 Environmental, Property Drawings for roads, water sewer, and utilities, and have a completed budget so you know what your costs are.At that point you can go out and attract investors, I don't thing that developing raw land is necessarily cheaper than buying discounted finished lots. 

The previous tenants actually moved out 2 months later as the initial closing date they gave us.

@Zehua ZhouSounds like a lot of extra work and money?

My money patner (and friend) provided all of the money.

So every year you do not compensate by raising rents, you are losing money.

You are in control you put the rent money in and that money generates  9% compound interest.

For those hoping to do the same as us, here is this link to all the information for the Howard County Rental License (link, scroll down to "Rental Housing License") and the actual License application itself (link). 

What are my options in financing my second property with the least amount of out of pocket money and/or using the equity in my first property.

Would you lose a large chunk of money?