The resale of this property won’t get title insurance from most (if not all) title insurers until 12 months from the date of the sheriff sale; they assume three months to record the sheriff’s deed.

this post is dated but it helped me out and I'm curious how your business is doing did you start it!?...

The liens start out at $5-6,000 dating anywhere from the 1970's to late 1990's, and usually bear interest at 10-14%.  

I have another vacation rental I have been running for 14 years and love it use it myself as a getaway on the non booking dates.

Mobile home parks can provide consistent income, and if you manage it well, they could become a significant source of cash flow.

So we always counsel our clients to look at using contract clauses to make the dates of closing for the sale and purchase line up.

Turns out in some cases comps were overly optimistic, in others inspections contradicted BPO’s, and in more than a few cases the closing date was so close to submission dates that we simply didn’t have time to do common sense due diligence.

Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule:The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 50% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information:Ø Signed Draw Request by borrower and contractorØ Signed All Bills Paid AffidavitØ GMG review and approve the draw request and will release funds for disbursementØ A check will be issued in the name of the borrower and contractor and delivered to borrower via USPSØ An inspection of work to date will be performed at 50% completeFinal Draw Information:Ø Signed Draw RequestØ Final inspection/Completion Certificate will be required for release of final fundsØ A Title Update showing property free from lien or encumbranceØ General Contractor’s Lien Waiver AffidavitØ Affidavit of Completion GR will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns:Changes to the initial plan are not permitted unless prior approval by Guaranteed Rate.

The variety of economic development grants/programs and the process streamlining that has taken place to date in Chicago is meant to encourage access for smaller and newer developers and encourage the types of "missing middle" developments that have historically been to small or the process to burdensome to move forward. 

Current lease term (expiration date, month-to-month)7.