By lenders, I was referring to HM.

He is referring to the fact that the gay community was often the first group (along with artists) to move into the once depressed neighborhoods that are now described as gentrified.

When I mention equity, I'm not referring to getting a loan to buy the park, rather, equity needed for the down payment and rehab.

In Florida as long as your licensed you can do lease option Assignments all day as a principalIf you act as a fiduciary then what if the tenant buyer doesn't get financing for some reasonI  use a RMLO to check on their ability to repay, costs 1 %I also use our credit improvement company to increase itheir FICO score by creating new trade  and credit references 

At that point you would have three items 1) your adjusted basis 2) your depreciation recapture (25% tax IIRC) 3) your gain (taxed at 15-20% IIRC).Your basis throughout the years will change as you decrease it by taking depreciation, and increase it when you perform improvements which will then be depreciated.

Or preforeclosure with NO equity (referred to as short sales - and with these you will need 'permission' from the mortgage company to purchase).

A good home inspector that has references from area banks can't hurt either.

@Colleen F.has posted some items to consider with respect to consideration for the occupants. 

Each year, after I purchase a property, I have to re-look up how to treat the various items from the HUD-1 (closing statement) when preparing my Schedule E.

In the scenario that was presented above, he was referring to net cash flow from rents which is different than net of a flip.