However, I have already found an opportunity I feel I can not pass up, even with as little knowledge and experience I have, and am looking for any and all advice and thoughts on my first move into real estate.A life long best friend of mine has been offered by a family member for $20,000 to own outright a 3.5 acre lot with a run down mobile home on it.

Cash and credit are key when it comes to fix and flip loans.

I just locked a first time home buyer at 5.75% FHA 30 year fixed so rates are moving in the right direction. https://www.gotrendvision.com/Post2WebResponsive.aspx?

Story is the owners got old moved in with their kids and their kids had their own home and didn't want to be bothered with the house.

I have never purchased a home before but in the town I would potentially move to renting makes little sense do to the cost of housing prices.

@Kinnari Pandya  I look to invest in the fastest growing areas, wher epeople are moving TO, where construction is booming, rising tide raises all ships, etc. 

@Jody Delp  They would be an authorized occupant but the issue would be you could wind up with them staying and the good tenant moving out. 

Are you close enough to move into the unit that they are occupying?

Hello folks in Georgia / Atlanta,The Bigger Pockets Book On Rental Property Investing provides access to a comprehensive list of 34 forms that would be useful to a landlord including things like a lease agreement, application, late rent notice, move-in-move-out agreement, estoppel agreement, tenant phone questionnaire, pet addendum, etc. etc. etc.  

Here are some key points to consider:Accessibility: Residential properties are often more accessible to individual investors, especially those starting out with smaller capital.Tenant Stability: While turnover can occur, residential leases tend to have shorter terms, offering more flexibility if you want to adjust rents or change tenants.Market Liquidity: Generally, residential properties are easier to buy and sell due to higher demand from individual homebuyers and investors alike.Emotional Appeal: Homes and apartments can have a strong emotional appeal to buyers and renters, which can influence demand and pricing stability.Purchasing: Residential real estate will require a down payment of at least 10% of the purchase price.