They are typically looking for a place to live for a month or two as they get to know the area, before they move to something more permanent, after they know more about the area.   

If it has never been moved(except for set up) and is on an FHA approved permanent foundation this is an important designation moving forward as it will qualify for FHA financing when the time comes to sell. 

I earn a decent amount at my job (I am a corporate lawyer) but since the recession, permanent legal jobs have been hard to come by so I have been doing higher paying contract work--I've been at my last gig for 10 months but you usually change jobs every month. 

Being on an island, there's limited housing and constant demand, especially with the permanent military presence.

No termination clauses.I would want more yield for undergoing what you are going to do but if it;s close by it might fit your portfolio.Try to get the interest only to convert to a permanent loan at today's rates.

If you do it after appraiser goes out and sees it: Get some licensed contractor to throw some cheapo baseboard heaters in.If you do it before appraiser goes out and sees it: Throw some cheapo baseboard heaters in that looks like it could have been done by a licensed contractor.Needs to be a permanent heating system, so you will want ones that you drill screws into the baseboard to mount them.EDIT: This works in CA, but now that I think about it this may be something state-specific.

.) Any type of renovation or repair is eligible, as long as it is permanently affixed to the property.

Check with a lawyer, but I believe if you do that immediately on taking posession you won't be liable for rent paid on an illegal unit.From sfrb.orgDemolition or permanent removal of the unit from housing use is a "just cause" for eviction under the Rent Ordinance.

Without a mortgage I could comfortably live on 1500/month and that includes having money for an annual sell-off vacation in the off-season to costa rica...Anyway, at 8% return I could RETIRE permanently on a little over 300k...However, that is in London, ON with a population below 500, 000 people (I think north of 400k?).

What you can expect from Sherman Bridge Lenders: promises will be made to you, they will not be fulfilled; you will be lied to, you will be ignored, you will be stuck in a trap between the hard money purchase loan and the supposed refinance permanent loan you are ultimately expecting to get.