I normally go by my last name, Lima, and I'm looking to connect with investors to help me acquire single family & multi-family homes out here in the Sacramento area, in order to help mitigate the housing shortage for our homeless veterans.

If they are wrong, well, you can buy that deal from them (or their lender after they foreclose) a year or two or three from now for less than they paid...By the way, there is nothing wrong with buying a single family home or duplex--my first deal was a mobile home. 

(would like the property to go to family)The building is worth nothing as it is a manufactured home that sits on a foundation.

So, make sure YOU understand the copy & paste info below:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Regular home purchase or sale?

I'm just trying to decide if the home is worth fixing and renting or do I just cut my losses and tear it down and use the property for other purposes.

Both homes were currently rented, with a total $1,600 per moth.

Typically lenders will use the total rent being collect or the market rent given on your appraisal, which ever is lower.

Hi Eric, I use Doug Lyons with Lyons Home Inspections for all of my personal properties and all of my clients.

Self managed HOAs are usually undercapitalized so you want to take a thorough review of the condition of the community to make sure there isn’t deferred maintenance because you might get hit with a special assessment if the board isn’t setting aside cash for those capital improvements.At face value, taking into consideration my typical financial objectives, I wouldn’t do this deal unless it was a much lower price.