(In case the local government decides they don’t want the mobile homes there any longer.)

Most DSCR programs will want you to have owned the property for more than 6 months to allow you to use appraised value instead of cost.

I would connect with a local PM who has connections with the HUD programs so you can get the most accurate information and guidance in your market. 

I'm on the hudvash program and have been on it successfully for 16 years.

Many DSCR programs require an investor to have a mortgage history- there are some DSCR mortgage programs that will work with investors who are renting- some refer to them as first time home buyers (FTHBs)- DSCR loans are only for investment properties where the owner isn't living there. 

So for the first property which will cost over $1 mil to construct, there will be stacked loans, essentially $280K will come from loan assistance program,( the name is not correct but the same idea).

I still might purchase there but I have to know a lot more about the rules that governed that market.

However, the group you get money to do that from is either government grants or targeted charities because it isn't investors.

I am local to Los Angeles - based in Orange County.A bit about me: I’m a civil engineer by profession with experience in local government.

Develop a program coming out of college.