It's going to depend on your markets housing supply, is the town population growing or shrinking, is the work there seasonal...?

You have tax returns and successful projects that you can show potential investors if they ask.Let's also assume that you have exhausted your supply of "friends, family, and fools," as well as your own personal cash.Have you always just gone to banks?

Secondly, Pensacola is a stronger market, so the closer you are able to be to where the most jobs are the more rent you can command and your vacancy will be a lot lower.

Stronger cash flow and cost per unit is cheaper and all under one roof.How did you find this deal and how did you negotiate it?

@Justin WalshHi Justin,You might want to think about letting the cash stack up for 3 years until you have $66k (in the bank), and spend that time learning what you want to do (and how to do it) and learning what you do not want to do.That way you are more in control of your situation than asking others what to do with the money, and you will have a stronger cash foundation to build your real estate business on (cash is King).

The Communipaw area is starting new development though.Also, since Jersey City has been building up a lot of property, the rental markets in the areas I mentioned above have seen a large increase in the supply of units and they are still building more in those areas. 

If there's a strong demand and very limited supply, it may be worth while.

And she has  SS and medicare.I would ask her about her expenses to find out if she cooks and buys groceries, or prefers to eat at restaurants.I would have her supply her own credit report, which she can download for free, for preliminary screening, and see what other debt she has. 

Mortgage rates are based on supply and demand.

A lot of inexperienced flippers will go under since they won't be saved by rapid appreciation and low supply for their product.