Hey KyleLots of good questions here. 

To be safe, if you build a closet in the room in question,  you won't ever have to explain to your appraiser, and to every potential tenant walking through your property why one of your "bedrooms" doesn't have a closet!  

This would raise our mortgage by ~ $700/month, which is a lot, but still makes our total mortgage payment well below rental on a 4bd, 2 bath.So, my question for the great minds of BP is, is this a good idea?

Someone like him is a good resource for questions like this as he guides you through the transaction.

Do they know what questions to ask?

Reach out to me with any questions.

My question is if we are marketing this as land, is more value added from the 2020 mobile home or the multiple utility hook ups?

But I guess to answer your question, I find people who are going to foreclosure.

If you have any questions or need a sanity check - feel free to reach out to me in the DMs or contact info in bio.

Essentially the government grabs title and sees you in court to determine just compensation after the fact, for the value of the land at the time of the take.