If they stay low a long time and you take the money you save and use it to pay down the principal, you may have made an excellent choice.My opinion is most people are better off with fixed rate loans.

 $42,000 is not all that bad, I see some comps where other investors are buying from providers I have never heard of in the mid 50's ' low 60's.  

Or did I do the right thing by lowing my offer due to the work it needed.

Regarding your comment about "owning a park", I absolutely agree it isn't easy and far too many people get into an ownership position thinking it is.

Agents are usually not investors, so they just think investors make low ball offers. 

I agree with the previous poster: The sooner you can move up into >5 units, the better....UNLESS you want to use FHA/Fannie/Freddie financing (low down payment), or unless you want to live in one of the units.

@Anthony Dooley Your absolutely  right that was the problem i was facing, so many niches to choose from it was slightly overwhelming trying to narrow down the choices to just one or 2.

I bought The Book on Investing In Real Estate with No (and Low) Money Down and am working my way through it. 

I'd get a cheapy fridge from lowes or Sears and pay for delivery and disposal.

Real Estate Investor specializing in low to mid size Multi-Unit properties.Mission - To acquire various Multi-Unit properties and continue to diversify our portfolio.