A few tweaks might get you much closer to your break-even point. 

I brokered the deal, brought in a partner, and co-invested to reposition the site into RV pads serving the local rebuild: traveling nurses, construction crews, and other temp workers.

When 2% was no longer applicable, it turned into the 1% rule maybe 8 years ago.Now, the 'general rule' is that you may need to put down 40% to make it cash-flowBest of luck!

He got into real estate AFTER the 2007/2008 crash, so he's never seen one.

An expectation of a cashout refi on the new property in the next couple years is unlikely to pan out unless you force significant equity into it once you buy it.

Quote from @Charles Kennedy: Hey BP community,I’ve been spending more time lately digging into mortgage notes—both buying and selling—and I’m curious how others in this space are approaching it.A couple of things I’ve been thinking about:Do you prefer performing or non-performing notes, and why?

A lot of new investors run into the “what’s the best first move?”

Lately I’ve noticed a trend—many investors I talk to are targeting flips under $400K instead of going bigger.
Are you seeing the same shift in your market? If so, what’s driving it for you—lower risk, faster turn tim...

I do not think its the mortgage that makes or breaks the investment but the location, tenants and how the property is managed that is what drives results

Love that you’re taking the leap into real estate—it’s such a powerful way to build freedom and flexibility.