Truthfully, I think this is the biggest reason people (and partnerships) get into trouble.  

You also get the some of the same benefits of a family; accountability with paying and mitigating potential damage being the biggest pro.

Biggest mistake I made initially was buying a home for 130k - it's a good home but there's only a small pool of tenants who can afford the rent I'm looking for.If you're thinking of buying a rental for cash flow purposes, please don't spend more than 80-90k on you first single family home - I promise you will cash flow much better and have a much larger group of (perfectly fine) tenants to choose from.I also don't recommend buying a home for less than 50-60k, as that will just cause too much tenant drama/repair headaches.

The biggest variant probably being where you live, as housing (duh, we're all in RE and intimately know this!)

That likely costs the same for a small park as it does for a larger one.The biggest challenge you face is the size, it is small.  

My biggest RE regret is lowballing a $330k 4U brick rowhouse by 5% just when the market was taking off in 2000.

If it's a short sale, depending on who owns the note and the borrowers circumstances, relocation incentive may be granted to the borrower.

Cash Pros: no mortgage, ability to take it all out in refinance, can leverage (finance) House 2 b/c House 1 is all cashCash cons: the cash is temporarily (or permanently) gone, not leveraging the most out of your dollar, if the property doesn't refinance where you think it should - you can't get all your cash backLoan Pro: potential to maximize your leveraging ability, tax incentives, experience in going through the loan processLoan Cons: holding costs/mortgage payment, acquire debt, interest rates rising make it tough to refinance (for the time being)-----Depending on the amount of capital you have, I might recommend the BRRRR strategy.

Time difference has been the biggest hassle for me.

In the mean time, we're building our team, fleshing out our LLC, and are planning to talk to a real estate lawyer and CPA in our area.The biggest issue we're coming across is being able to obtain financing for a deal.