This has eliminated all issues that I have had on the appliances as they become completely responsible for the issues and maintenance. 

I see they eliminated one of my words - it rhymes with "pass". 

My suggestion for the owner to keep 25% of the equity was an effort to eliminate the need for a down payment.

Generally speaking, if you borrow 100K (70k for the purchase 30k for repairs/upgrades) what will happen is this: To close they will require proof of 1yr homeowners insurance to be paid, eliminating the need to escrow it because HML are short term solutions they will probably require it to be paid back within a year.

hey Matthew - very good point. my Wife and i have been living in our current home for about 7 years. we have a decent amount of equity. we are looking at a new home as an upgrade and i have been tinkering with the idea of renting our current home out instead of selling it so we can build even more equity.the rental estimate versus what we pay per month would be tight; we wouldn't profit much. this is a concern.secondly, renting the current home eliminates any profit for a down payment for the new home. however, i do realize the direction you are recommending; "park" the "100k" in the new home and keep the current home as a rental property?

Right now I’m really focusing on fine tuning my finances, eliminating debt, improving my credit score, working on building a savings and educate educate educate.

Eliminate all the issues you can before starting out.Good luck!

This used to raise the very small possibility of the bank putting you in default (Due On Sale clause....worst case scenario you have to transfer it back) but recent revisions to conventional terms have essentially eliminated this, when transferring to a single member llc.  

Forwarded message:Hello Joshua,My name is Chace Marigny and I was hoping you can help point me in the right direction(s) as to eliminate any errors as I go about helping turn my mother's recently flooded inner city Los Angeles home into a multifamily residential rental.

This eliminates the majority of retail buyers -USDA will only finance older MH homes if there is an existing USDA loan.