Remember the opportunity cost of investing in this unknown versus using the same money for something that is much more predictable.

If you finance $200k loan amount versus $75k loan amount your rate is higher for the lower amount.

At this stage, your best bet is gathering as much information as possible.

, rehabbed (I'll bet $20k for rehab is high, with the right "mobile home rehabbers involved"), and roll all that into a new loan .

I'd expect something closer to $30/month.If your rent and reno numbers are good, and this isn't in a war zone, I bet you can cash flow $300+/month.

This article isn't answering your exact question, but it brings up a lot of the perks of owning a rental property versus investing in stocks.

Your best bet would be to find a private lender to partner with you on the first deal. 

At those prices, I bet your market is seeing some decent appreciation.

This is pretty local, though.I bet you can get a much better rate than 5%.Your missing management.

If this dude can't complete your projects....you definitely aren't collecting from him if you somehow won the case.Then you'll be out even more time and money...Forgot to add, you're most likely bet and efficient use of time is to file a complaint the license board for the state..and if you're using an unlicensed contractor well you really have no plausible recourse through legal channels.