Financial Goal : Pay originator off within 6-12 months and receive $300 month passive income for 60 months Initial contact - 1980 double wide 3/2 with central ac and attached laundry asking $5500 in family park free and clear (i will do follow up with).  

On day 26, I received a slightly-less-than full price offer, and I accepted it immediately.

Option 1 -- Idea for this property - complete $5k worth of concrete work (necessary in the next year) then place on the market for sale - take equity and invest in other properties - more than likely will receive appx $100k cash after realtor commission and before capital gains tax if sold for $190KOption 2 - which I am pursuing and believe I can make happen - is open up a commercial Line of Credit for $75-85k (depends on appraisals by bank I'm working with)Also open up a line of credit for $25-30k (depends on appraisals) on my personal residence giving me appx $100k to work with as wellUse Lines of credit to either purchase properties below that require below $100k invested then refinance etc, or use lines of credit in conjunction with Portfolio lender I've used to purchase a project up to $300k or so (multi family, commercial etc)********************************************I also am 1/3 partner on another single family house that we redeemed last year, have just below $100k in with $58k owed on it, P&I pmt of $485 rents of $1495/moFor the most part completely reno'd this house so maintenance/upkeep costs should be very low - HVAC, H20 heater, less than 5 years old, fixed drainage issues etc.  

So thank you @Brandon Turner @Ben Leybovich @Michael Blank and others for your great insight.I did what I was told and established a relationship with a commercial broker who in turn sent me an off market listing that I believe is a great value add property.This is a 8 unit MFR in an "A CLASS" neighborhood located in Bklyn NY within 2-10min walking distance to any and all amenities, (Barclay's Center, Malls, Shopping center, Banks, Restaurants, Museum, Parks etc.)All 8 units are 4 rooms (2bedrooms) including 1 duplex apt.....  5 units are rent stabilized and 3 units are free market including Duplex, all of which are receiving way less than market rents.Typical Market rents for 2 bedrooms in this area are 3k+/mth, also the typical vacancy rates for this area are @ 2%-3.5% (Bklyn market analysis). 

As an example, the investor receives:100% of the cash flow until reaching an 8% return (called a "preferred return"), then70% of the cash flow until reaching a 12% return, then60% of the cash flow until reaching a 15% return, then50% of the cash flow thereafterThe split percentages and return hurdles can be slid around and hurdle tiers can be deleted to achieve the desired result.

I received a zero down USDA mortgage. 

I imagine being in law enforcement your going to receive less riff raff from your tenants than the average landlord. : )

Hi Kathy,If I don't receive the background check fee, I don't consider the application complete.  

In the time spent to find, process, and receive funds from a conventional lender for 1 property, you can fund 2 with hard money. 

@Matt R.To be fair and I am not promoter and have not as of today received any monies from anyone but I don't think anyone has reliably been good at seeing appreciation coming except when there is a market dislocation like 2008.