Another example might be the million dollar vehicles people are driving. 

Not sure what your credit score is though, so that may be the only factor.

@Andy RouschThere are so many factors involved, that it'd be tough to answer this question concretely.

The game rules change and start making real sense starting around 65+ units, depending on the usaulal factors of course (location, demographics, jobs, companies, amenities, etc.). 

IMO if you chose #1 now you can always choose options #2 or #4 six months(maybe a year) down the road, pull all your 60K back out plus what ever appreciation you have(if any) and move forward. to me in option #3 you said paying interest bothers you and option 1 solves that problem, gives you practice with a new tenant so if they don't pay or u have problems you don't have 2 bills( your old mortgage and your new mortgage) to manage along with the stress(of kicking out your friend and finding a new tenant) just the one mortgage that your fiance already has within his budget(because your 60K didnt' factor into bank financing so you found a home to move to that was within his budget alone(even more safety net) or at least lower mortgage payment and house than if you had 60K to use to buy-down another home. but i digress....Option #1 is less stress , less interest payments,and less of your money with 2 options left over at a later date. like joe said your 60K is safely locked away in the home(minus depreciation) which you can always pull out later on when you are more risk-prove.Still your choice but that my point of view.Good luck!

I finally became a pro member a few days ago (due to the constant drive that continues to fuel my passion for wanting to do what many other BP members are aspiring to do/are already doing and thats to build a passive income).

Get a list of sold comps, drive by them, study the figures and burn them into your mind. 

These parks can work...but the only way they can with this low of lot rent is if you have partner who literally lives within an hour drive of this park or you have another park that is larger within 20-30 min drive of this park and you can have a manager look over this park as well.Or if you live in that area....Smaller parks are great for getting experience but can be really hard to sell on the exit strategy becuase the time it takes to run this park....your better off with park thats about 25 spaces....6 spaces in the midwest is really hard to do...unless lot rents are apart 500 a month or so...because of the % per space is the same and your downside exposure if someone moves out is a lot greater % of your income vs a park that is larger.hope this helps

As you mentioned in your post, the major thing to avoid is the eww factor (i.e. cut out the BS). 

Debt repayment is not factored into expenses there for paying down a mortgage,  as we all know, creates it's own income stream separate from that generated by the property itself.