Now he is sitting on a lot of cash and I asked if he would be interested in carrying the first trust deed on this house and I would use the money to pay off several small loans that I have (ie. student loans, credit cards, etc....)

I agree with James more information is needed.I don't necessarily care if a tenant pays there credit card bills on time.

You should get some cards from this.

You do one deal and get paid every month for the term of the note, if you play your cards right!

Part of me wonders if at the end of 5 years if it'd be better to pay off all of my school debt(no credit cards), or to have more money saved?

For the open house, I bring applications, pens (cheapo's since they tend to disappear), business cards (not critical), a wastepaper basket (you'd be surprised), and copies of the CC&R's if an HOA is involved.

I still have some at 2.125% and there is no bank anywhere that will lend to me at that amount.If you have other debt, auto, or credit card I would definitely look at paying those down as the rate is usually high compared to the student loan.

This applies to any handouts, business cards, mailings, etc.6.

We monitor their progress and send them report cards so they know, if they are performing or not.

you need to take care of it now.Get you cards and for sale signs posted as soon as you buy the MH.Let the park manager know your planned date for completion, they may find your qualified tenant for you.Make friends with all the neighbors for security and referrals.Good luck.