I have called another 10 - 20 after that still looking for new sources or better deals... have a really sweet gig going with a local one, just closed on my 3rd property with them yesterday and the 4th should happen in about 2 weeks.

Was thinking of making a wine cellar in it.

Most likely very expensive programs.Once upon a time, my wife had a wine at a dinner out that she really liked.

Banks are taking their sweet times on some homes. 2-3 years of not paying is pretty average in this area...Heck sometimes they just give the house to the borrower!

The reality is there are MUCH BETTER properties out there than buying this POC at any price.If we are having to come up with extreme examples under which this property might possibly work it is a loser.If you change the layout etc. it still is on a crappy sloped lot.Any property manager will tell you these types of properties even after being rehabbed nicely are hard to rent out to quality tenants.On value add deals the investors I talk with that own 100 to 150 units at a time go for buildings that are at about 50% to 60% occupied.The sweet spot (as they call it)where all the copper and electrical is still there and some tenants are paying for cash flow.The buyer can convince the bank that the property is going down hill to take a lower price and the seller if not the bank has already given up on turning the property around.Over time the new buyer can rehab each unit one at a time to turn around while having cash flow.

Ha, sweet move!

If you do not seek opportunity then someone else willNo complaining,, if you do not step up to the plateThink about it ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~If you purchase the property and do a respectful job Then your other neighbors would become free advertisement for future properties :)Only a suggestion ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~If you make some good money off of the property maybe offer an incentive to your other neighbor for lead(a bottle of wine or cheesecake or gift card etc )

That is a sweet deal.Also, after playing around with your numbers and a couple of assumptions, I think there may be some good tax benefits, too.

Very sweet story.

I've read some of the other post, like http://www.biggerpockets.com/forums/30/topics/72432-is-there-a-sweet-spot-for-mh-park-size-and-type to poll people for what they look for in a park.