It's just one piece of it.

We should on closing, have equity since we got it under market value.STR - Potential to cash flow great, still have the appreciation piece BUT risks seem higher with wear and tear, vacancies, having to hire our Property Managers etc.

I'm thinking of buying a small piece of land, and putting a pre-fab home on it.Has anyone ever done this before? 

EMD is largely pointless here....what happens is the money gets tied in escrow until there is consensus to release the funds...no consensus, no release....the money sits in limbo for 2-years and then goes back to you, its a lose/lose situation....or you get a court opinion...so, pay $6,000 in legal fees for $5,000...not a great idea...In the last 20 requests for EMD we have submitted for listing clients where a buyer was unable to perform on a deal, the broker on the other side of the table acknowledges the initial request and then ignores every piece of documentation and future request...there is no repercussion...a lawyer might be able to help with motivation here.This is usually a "pissing match" fueled by misunderstanding of how EMD works...Your agent/broker should be advising you on this stuff...Read this: https://codes.ohio.gov/ohio-re...

Biggest piece of advice I can give is to get multiple quotes on your homeowner's insurance.

And, if there's anyone who has done something like this and has tips, I'm all ears.

@Brandt Welch borrowed money for a down payment is usually acceptable if it comes from a loan on an asset (like another piece of real estate).  

But I'm all ears on how you help investors make more money

This is one of the more important pieces to the puzzle that gets looked over way too often.Hope you find value in this message!

@Alan Frisk A great cleaner is for sure the most important piece after finding the right property and getting it furnished.