It is very basic.. and I am looking to change the interior to make it look modern.

Hi Steve,It also comes down to comfort levels of whether you like to micro or macro manage your funding pools as well as your own personal financial auditing style.You also need to keep legality in mind as to whether the property is setup under a personal or corporate entity in order to protect yourself or your personal assets etc. 

I realized how very important it is to invest ones own money and prepare for retirement my goal is to become financially independent.

But I really focus on my CoC return as this is what gives me that financial freedom.

I think I would be hard pressed to generate cash flow with buy and hold, within my current financial limits.

This will allow me the financial freedom to go back to school and get the education I wasn't able to get because of my responsibility to my family.I'm in the Hoke county area and I have seen many homes posted on Realtor-com in that price range, mostly mobile home REO.

I would also acquire a copy of an up to date financial report for the property to see if they have been negligent with any of their rental payments. 

I recently came across the BP podcasts for both real estate and personal finance and have become obsessed with the concept of using real estate to become financially independent. 

I've been listening to BiggerPockets for a while now, but am just now posting for the first time.Back in October of 2017, under the burden of a significant amount of student loans and the realization that corporate life isn't for me, I decided to make financial freedom my number one goal. 

Jared,Take a look at these articles and I think you will be able to make a decision.http://www.themoneycommando.com/umbrella-policy-vs-llc-asset-protection-part-1/http://www.themoneycommando.com/umbrella-policy-vs-llc-asset-protection-part-2/ They dive into very detailed explanation as well as many risks/benefits & possible scenarios in which makes better financial sense.