Your strategy will depend on your goals.  

Reserves of 4 to 6 months depending on the size of holding is something that would be a good idea,, you never know when a eviction, turn cost, or unexpected repair is going to be a cost issue.. and new landlords aren't usually prepared for them.

Essentially, a “subject-to” contract is a purchase contract that includes a clause stating that the home sale is dependent on the buyer or seller meeting a certain stipulation.

Kabbage approves you in minutes. to be clear, he's speaking about the monthly payment, not the interest rate. a typical LOC will charge you 2% per month of the balance. depending on the interest rate, it comes out to about a 5 year term

Forgot to mention that whether the vacant land qualifies as an "investment property" depends on the purpose for which you bought/used it.

I have two property management referrals for you, depending on what style of management you're looking for:Real Property Management North Puget Sound - Larger company that is part of a franchise.

I replied that which vendors are chosen and used, depends on what's required/available at the time and at the landlord's discretion. 

Hi @Christie GahanIt's going to depend on how it was zoned, and how it shows on title.

Here are the key data points:Park info  Located in Alabama61 lots25 owner occupied homes18 park owned homes (14 currently rented; 4 currently being repaired and should be rented soon)18 vacant lotsAvg lot rent - $160 (unknown what the market rate is but it doesn't sound like there has been a rent increase in at least a year, maybe more)Avg POH rent - $400Expense ratio - seller claims 26% but I'm estimating 35% for the lots and 50% for the POH'sCity water - individually meteredSeptic - good condition (allegedly); a couple were pumped last year, none this year (no lagoon thank heavens)Seller claims gross income $130k, expenses $30k, and NOI $100kI calculated gross income of ~$135k, expenses of $60k (55% on POH and 35% on lot rentals), and NOI of $75kOther infoMom & pop seller, but park is listed with a brokerPark has been on the market for > 3 years (recent price reduction)Greater metro area stats look goodPopulation = 115kMedian home price = $105kUnemployment < 8%Household income > $40kHousing vacancy ~ 15%Closest Walmart is 7 miles awayFreeway is 1.5 miles awayNumbersMy valuation is coming out about $80k-$100k under the seller's asking priceWith conventional financing I'd be hoping for a purchase price of $500k, $100k down @ 6% over 20 years (not sure if this is plausible or not)Assuming that financing, I'm expecting net cash flow of $40k (after debt service)Upside potential is in raising rent and filling the 18 vacant lotsFollowing the same assumptions above, raising rent $50 (if the market supports it) would change NOI to ~$90k and net cash flow of just over $50kFilling the vacant lots could potentially increase gross rent up to somewhere between $150k-$200k, depending on what the appropriate occupancy rate is for the areaWithout verifying any of the above information (haven't offered anything yet so there's a lot of DD left to do), the deal seems to make sense. 

The student loan interest can be a deduction too for some folks depending on their yearly adjusted gross income.I also use notes to pay for all types of things.