The only drawback is you lose the marketing aspect of people going to the resort website or calling directly and making reservations.  

.$1,500 down10% interest & making the payments whatever they can afford comfortably.Pending a clear title search, do you see any holes or drawbacks to this investment strategy?

Are you saying if the bank foreclosue on the home the family member might loose his principal even if they have a lien on the home?

FYI.Fannie Mae purchases mortgage loans secured by manufactured homes that meet the following general criteria: [...] principal residences and second home dwellings. [...]I'm not sure if you're assuming correct for the interest rate and thus PITI and thus cashflow.

Reminds me about how parents go straight to the principal at my school when they have a tiny problem with a teacher.  

I am wondering the pros/cons and any advice on investing some of the annual profit in paying off the principal (it is a small loan and would be nice to own it free and clear more quickly) or strictly applying profits towards purchasing more.

Honestly, I was a principal in Harrison and would NOT have gone anywhere else.   

It used to be a number of months of payments...six months...per property of principal, interest, taxes, insurance and HOA.  

Chad that much I know  as a first you never get overages you only get what your owed including your principal interest and costs. any thing over that goes to the second or to the owner if there is no other liens.So if the second goes to sale and they full credit bid and the bidder pays more than full credit. then overages to the third or next in line and or the owner.. you as the first are still intact and now the party who bought the second either has to make a deal with you to pay you off or make payments.. which from what I gather from you guys is really what you want the payments.. myself I am only interested in the asset.. 

They do have drawbacks as far as issues of difficulties in putting the properties in LLCs if that’s your goal.