Overall, we are looking to engage with fellow investors seeking to expand their portfolio, all while assisting a new venture.We have an adequate team around us to provide resources concerning our renovations (plumber, landscaper, flooring, electrician, etc.).

Purchase price: $65,000 Cash invested: $5,000 Sale price: $95,000 First investment: Bought two mobile homes in Yakima, WA at 17 years old for 65,000 with $5,000 down at 7% interest.

My concerns: -I will not be able to find a duplex/multifamily in specific price range/area -This loan will prevent me from buying more properties.

I have the same concern for the rentals I am hoping to purchase next year. 

Not sure if you are looking at it mobile

Maybe consider looking into a duplex as the next purchase so you can have a tenant in one side and you provide a place for yourselves to live, as well... if another property isn't on the horizon for 1-2 years... consider a very small apartment or even moving into a mobile home/RV for that time, rents are typically much lower and if you don't have a lot of stuff, it allows for simplified living.Good luck, keep us all posted as you continue!

My main concern with the property is an old heating oil tank in the basement.

@Eric Carr it is a  non issue as far as I am concerned.

My question, however, concerns my next deal.

I'm not terribly concerned about the $500 they won't return even though I view this as seller default.