Mobile Home Investing
I'm new to real estate investing, I have been reading about real estate investing, attending my local REIA meetings, and listening to Brandons' webinars. Because of my situation I cannot do the traditional loan route, so creative financing is the path I need to take. I've been given an offer but not quite sure if this is an opportunity or not.
A family member wants to deed over the title to his 2 bedroom mobile home in San Diego to me, my concerns are: 1) rent space is $800 2) I live 300 miles away 3) needs some fixing up 4) I would look at renting it out but I don't know anything about landlording 5) my family member would not be able to manage the mobile home for me 6) he does not want me to sell it, he wants me to come live there but that is not an option for me 7) financially I could not cover the rent space.
Is this an opportunity? What are my options? How should I analyze this to make sure I can get positive cash flow? Should I accept the title? Can anyone point me in the right direction? If so this would be my first deal.
Thank you,
Lily