Cash buy mobile home. No land. Lost title. instant equity

[Janice L.]

Hi all!

I am hoping for some last minute advice, as I am viewing this property today!

Here are the details:

1.This may end up being my first investment property so I have no experience

2. Property is a mobile home on a rented lot. Lot fee is $325/month.

3. Distressed seller needs to sell home immediately for $4500 so she can moved to family on Monday (today is saturday). She needs cash but is willing to finance for $2000 down and no intrest $2500 over a couple months. 

4. She claims a real estate agent appraised the home for $14,800

5. She purchased it from a woman not too long ago who had lost the title. She is now needing to sell it without the title and will write a bill of sale that will be notarized by the bank. 

6. I have seen a couple pictures of the home and it looks decent for a mobile home. I will do a walk through today. 

7. She states that the home does not need to be owner occupied. 

8. She states that all tenants on the lot own there homes and pay lot rent. No one has an additional landlord.

9. She says carpeting and painting need to be done but there are no major fixes needed,

I would like to do one of these two options, and need advice on this please!...

Get it appraised and inspected in one day (if possible), cash buy, spend maybe a couple hundred to fix any small issues like paint or door knobs and then..

1.  sell for the appraised value. 

2. lease option/owner finance the home